Salient to Investors:
Joseph Stiglitz at Columbia said:
- Euro-area austerity policies have been a dismal failure as growth grinds to a halt.
- Monetary policy cannot substitute for fiscal union – construction of a European banking union is too slow. Mutualization of euro-area debt – rejected by Germany and others – would mean Europe could borrow as a whole at interest rates at US levels.
Read the full article at http://www.bloomberg.com/news/2013-09-19/asset-bubbles-found-by-finnish-economist-inspired-by-grandfather.html
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