May
31st
Mon
31st
What we are currently experiencing is a crisis of public finances in advanced economies. It started with Greece, and the euro, because of the specific institutional framework which prevents Greece and the other euro area countries from using the inflation tax to overcome their budgetary problems. This will force euro area countries to address their fiscal positions earlier. It’s not easy. But it will be done, because it can be done and it has to be done in any case. And, last but not least, because there are no alternatives.
