Dr. Oliver Marc Hartwich 21.11.2011 21:29 +Feedback
Europe’s hidden doomsday machine
How many crises are there in Europe? First, there is a sovereign debt crisis, which is plain to see just looking at bond markets. Second, there is the crisis of competitiveness in European periphery countries, which is exacerbated by their membership of the monetary union. Third, there is a crisis of Europe’s banking system, which desperately needs recapitalisation.
But there is a fourth European crisis that has so far escaped the attention even of many professional observers. And yet, this fourth and largely unknown crisis has the potential to overshadow all other crises. It is Europe’s escalating balance of payments crisis.
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Kategorie(n): Inland Ausland Wirtschaft