The Skills Deficit

The slowdown in the pace of economic recovery, particularly in the US, has predictably led to calls for further fiscal and monetary stimulus. But economic policy can do little more than ease the social pain of the long and difficult structural adjustment that countries like the US face as they try to re-establish the skills needed to strengthen exports.

BRUSSELS – Two years after the world economy suffered a nervous breakdown in the wake of the collapse of Lehman Brothers, global financial markets remain unsettled, and the recovery that started so vigorously in 2009 seems to be stalling.