European Innovation

In this Wall Street Journal editorial, I weigh into the “austerity” versus “stimulus” debate and criticise US efforts to compel Europeans to pump more (borrowed) money into the economy. To me, this is a false debate because so much of what today is called “austerity” is the new “reality.” We have lived for many years beyond our means and now the time has come to embrace fiscal sustainability — something that is true not only for us in Europe but also the United States.

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