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Beyond Battlefield Medicine: The Return of the Euro Crisis
Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 403 no. 8780 (Apr. 2012)
Perpustakaan Pusat (Semanggi)
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Lihat Detail Induk
For most of this year the euro has been sustained by the European Central Bank's injection of more than EUR 1 trillion ($1.3 trillion) in three-year money into Europe's banks. This liquidity rush has averted the immediate risk of bank collapses or a sovereign default. But it also seems to have lulled some European politicians into believing that they can now sit back and see what happens. That they are wrong has become clearer as the benefits of the ECB's intervention fade. Yields on Italian and, especially, Spanish debt have been rising once again. The real reason why the crisis is back is because the remedy is insufficient. In recession, fiscal austerity is now serving mainly to make weak economies even weaker. To change this, Europe's policymakers need to do two things: find a better macroeconomic mix; and start moving towards joint liability for both sovereign bonds and big banks. The misguidedness of today's austerity obsession is clearest in Spain.
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