Thursday, August 6, 2009
Europe under stress and what to do about it
The current issue of the IMF's Finance and Development has a very interesting article by Marek Belka, Director of the European Department and a former Prime Minister of Poland, on "Europe under stress". I like the article a lot, particularly for its sincerity, freshness, and boldness, heretofore not the hallmarks of IMF's writing. Belka argues, for instance, that euro area entry criteria should be changed (he read my FT oped on this issue and sent me some interesting comments. happy to see that he now agrees officially) and that EU economy acts as one as therefore requires even more integrated finacial, product and service markets.