April 14, 2012

Only Growth and Employment Can Stop the Markets’ Crisis

Gian Maria Gros-Pietro
Perhaps it is true that, as many analysts think, what’s behind the new major crash of European markets –the umpteenth black Friday—is the slowdown of the Chinese economy, but that’s neither the only nor the main trouble we have. The problem that needs a solution in Europe and especially in Italy is different and broader. It concerns the role emerging economies are increasingly playing in the international division of labor and wealth. To remain competitive, Europe and especially Italy need critical reforms. This is, in a nutshell, what Italian economist Gian Maria Gros-Pietro (here is some information about him) thinks about this week’s market crash. A thought provoking point of view, easy to understand even by people who are not experts (including yours truly).

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