Fixing the Euro Crisis: Policy Recommendations [View article]
Your policy prescriptions are, for the most part, very thorough but I question why you avoided the heart of the matter: large government footprints that frequently cover around 50% of state economies and the countless unions that extort, protest, strike and cripple state economies. Until state governments are reduced in size relative to their respective economies and until the powers of unions are reduced, it will be difficult to undertake most, if not all, of the proposed reforms and restructurings. And while it may be required, a restructuring of Greece's debt (a polite default) is tantamount to their leaving the zone which may not be a bad idea given the currency constraint and the need for greater competitiveness through wage reductions. Freed of the euro, Greece could establish competitiveness in tradables through a weak drachma.
Fixing the Euro Crisis: Policy Recommendations [View article]