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Current history (1941), 2015-03, Vol.114 (770), p.83-83
Ort / Verlag
Oakland: University of California Press, Journals & Digital Publishing Division
Erscheinungsjahr
2015
Link zum Volltext
Quelle
Worldwide Political Science Abstracts
Beschreibungen/Notizen
The World Bank issued a report in January warning that the European economy is slipping toward "secular stagnation," a prolonged period of very low inflation and very low growth. Should it come to pass, this development will have a profound impact on all aspects of the region. Fortunately, Europe's political leaders are aware of the threat -- both narrowly, in terms of economic performance, and more broadly, in terms of the many negative implications of secular stagnation. The tragedy is that Europe's political leaders seem unable to escape a fate that none of them desires. The explanation is political more than economic. Although it is easy to find fault in many of Europe's market institutions, the deeper problem is that European policy makers emphasize consensus over solidarity, pay more attention to principle than to interdependence, and weaken common institutions at the European level even as they overemphasize these institutions' influence in domestic politics.