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Meier, Walter
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2 articles of this author have been cited in the European Press Review so far.
Less prosperity in Europe
The industrial states are growing continually weaker in comparison to the emerging economies, writes the liberal-conservative daily Neue Zürcher Zeitung, and Europe, the US and Japan are menaced by a decline in prosperity: "Above and beyond unresolved inner-European problems, the industrial countries not only face increased competition from the emerging economies but also unprecedented demographic problems. Never before have nations been confronted with such an ageing phenomenon, and many countries are financially unequipped. The US and Europe are now hard put to follow the good advice they gave to developing and emerging countries concerning budget policy during earlier crises. Whatever else is true, the budget situation in many industrial countries is considerably worse than in most emerging economies. As a result of this and the major debts incurred during the last financial crisis the West has lost much of its function as role model for other economies."
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More from the press review on the subject » Economic Policy, » Global
Payday for Europe's illusions
The fund set up to save the euro is in place but the mistakes made by the European Union remain, points out the conservative Neue Zürcher Zeitung: "The politicians eagerly blame the speculators for the need for this quickly cobbled-together rescue package, but in the end they are only paying the price for their own illusions and failings. In forming the monetary union there was the illusion that such an alliance would bolster the economic policy convergence and discipline of the participating countries. But some of them enjoyed the benefits in the form of lower interest rates for loans while criminally neglecting their duty to conduct a disciplined economic policy. ... Once again, a free-market mechanism is being invalidated, namely that those who pocket high returns must also carry high risks. It would therefore have been more sensible to aim for the rescheduling of Greece's debt payments and give banks affected by this direct help if necessary."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Financial Markets, » Greece, » Europe
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