Publication

Eurocrisis? What eurocrisis? This August, the streets of Florence, Barcelona, and London were full of Europeans on their (unimaginably long) holidays, acting with apparent disregard for the dire predictions in the press of a European Union on the verge of bankruptcy and dissolution. Meanwhile, financial markets backed off from their attacks on the PIGS (Portugal, Ireland, Greece, and Spain) while those porcine countries moved forward with significant reforms, slashing their deficit and debt levels. German growth in the last quarter has driven eurozone growth to above US levels, giving pause to euroskeptics and glee to euroboosters on both sides of the Atlantic.