The core eurozone countries – Germany, France and Italy – find it difficult to reform when times are bad. Invariably, governments intervene to protect voters from the downturn. Worse, these countries also find it hard to reform in good times. Governments often confuse a cyclical upturn with a secular improvement, and ease up on necessary but uncomfortable reforms.
Wednesday, January 02, 2008
It appears that being in charge is hard work
This FT Editorial is bang on the money when it describes our friends/competitors on the economically in-Continent,