Europe's Crisis is Political

As Europe’s debt crisis drags on, it is clear that underlying the economic and financial mess is a deeper political problem. The financial problem is clear: private and public sectors in various parts of Europe borrowed more than was sustainable. In this sense, the problem was similar to that of the US; indeed, it was partly created by what was going on in the US. But Europe’s economic problems are compounded by its politics, in ways beyond what a single country would face, even one like the US, with its current dysfunctional polarisation.

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