4 August 2010 - 16:37European dilemmas
“Growth now depended more on the operation of markets, something that sits uneasily with the institutional inheritance. Innovation-based growth is risky, uncomfortably so for security-oriented European societies. It responds to financial incentives, which is difficult to reconcile with the value Europeans assign to earnings equality. It requires continous reallocation of labor resources, which is at odds with the importance they attach to job security”.
Barry Eichengreen - The European Economy since 1945: Coordinated capitalism and beyond.
A pretty good picture of the difficult environment that Europe has to navigate.
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