The Eurozone Needs More than QE

Although the European Central Bank has launched a larger-than-expected program of quantitative easing, even its advocates fear that it may not be enough to boost real incomes, reduce unemployment, and lower governments’ debt-to-GDP ratios. They are right to be afraid.

CAMBRIDGE – Although the European Central Bank has launched a larger-than-expected program of quantitative easing (QE), even its advocates fear that it may not be enough to boost real incomes, reduce unemployment, and lower governments’ debt-to-GDP ratios. They are right to be afraid.

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