This writer poses an interesting theory ...
Europe's economy is weak and growing weaker. Many households will be trying to pay back debts rather than spending, and aging populations will bear down on consumption too. Austerity has replaced stimulus as the watchword of governments seeking to pay down deficits. The real problem behind the debt, however, is productivity. Europe’s per capita GDP is 24 percent lower than that of the United States, a gap that amounts to a total of $4.5 trillion in annual income. While Europe has made a societal choice of more leisure time over more work, the major reason for slower growth is a widening productivity gap. Even when Europeans do work, they work less productively. The only way to unleash the dynamism and growth Europe needs to pay its debts is a new wave of structural reform.
Answer by annabarred at 6:50 PM on Nov. 24, 2010
Answer by Gal51 at 5:36 PM on Nov. 24, 2010
Answer by LoriKeet at 6:45 PM on Nov. 24, 2010
Answer by agentwanda at 7:49 PM on Nov. 24, 2010
Answer by SavageGrl at 6:48 PM on Nov. 24, 2010