It’s been an eventful week on the global financial scene. Market crashes on Thursday, bungees back up a fair way, fears of Greek contagion on Friday, Eurozone commanders fire a trillion dollars at the problem on Sunday and the markets boom on Monday.
Problem solved? Obviously not. A bit of time has been bought. Martin Wolf of the FT has some ideas on what needs to be done with that time. Read the link now, before the FT takes it off their free offering. Wolf argues that the Eurozone countries have been diverging for years now between those who build up current account surpluses and those who have increasingly run deficits. Not only are fiscal imbalances now rampant, but the weaker countries need to catch up in terms of competitiveness. Continue reading