Peripheral Solutions
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More Great Information on Peripheral Solutions:
A three-headed beast (economist)
IN ANCIENT Greek mythology, a three-headed dog guards the gates of hell and
prevents the damned from leaving. It's not a bad metaphor for the present euro
crisis, as Jay Shambaugh makes clear in a paper presented as part of the
Brookings Papers on Economic Activity, entitled "The euro's three crises". The
single currency is saddled with not one but three serious problems, he
explains: a banking crisis, a debt crisis, and a growth crisis:
> Crucially, these crises connect to one another. Bailouts of banks have
contributed to the sovereign debt problems, but banks are also at risk due to
their holdings of sovereign bonds that may face default. Weak growth
contributes to the potential insolvency of the sovereigns, but also, the
austerity inspired by the debt crisis is constraining growth. Finally, a
weakened banking sector holds back growth while a weak economy undermines the
banks. This paper details the three crises, their interconnections, and
possible policy solutions. Unless policy responses take into account the
interdependent nature of the problems, partial solutions will likely be
incomplete or even counterproductive.
The paper is an excellent summary of a complex crisis. And Mr Shambaugh's
conclusion is an important ...
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