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Europe’s three dimensional crisis

Brown, Gordon, (2012), ‘Europe’s three dimensional crisis’,, 28 Ιανουαρίου.

In the rush to define Europe’s problems as fiscal, our deep-seated banking and competitiveness problems have been largely ignored. In the search for a simple, one-dimensional answer – austerity and, if that fails, more austerity – to what is a three-dimensional crisis, Europe’s leaders are failing to grasp the profound historical forces now reshaping Europe’s role in the world. For without complementary action reshaping our financial sector to serve the wider economy and reigniting growth, no amount of public spending cuts and no number of rigid fiscal rules will prevent a lost decade of high unemployment and long-term decline