This contribution by the President of France is what Europe needs. Finally a leader who does not say that Europe is responsible for what goes wrong and that national politics can take credit for every success. On this basis we should now start a debate on the detailed proposals. The main danger will be to avoid the slippery slope from a 'Europe that protects' to a European protectionism. The European economy will be stronger if its subject to vigorous global competition, even if that competition might at times appear unfair to some.
History has shown that it is much easier to stay ahead of inflation than it is to play catch-up. By ignoring this basic truth, US policymakers are both missing a big opportunity and inviting economic disaster.
questions whether the US Federal Reserve could carry out a successful monetary stabilization if needed.