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MAY 23, 2013 - The Economist

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Charlemagne: Hobbling behind America

EUROPEANS like to blame America for their crisis. But look at the numbers, and it is plain the euro zone has mishandled its response. Take growth: output in America has surpassed its pre-crisis peak and is growing; the euro zone has yet to make up the lost ground and is shrinking. Or joblessness: it stood at 10% on both sides of the Atlantic in 2009, but it has now fallen below 8% in America whereas it has shot above 12% in the euro zone. In sum, the euro zone was poorly designed and European austerity has been too harsh.Were the European economy a hospital patient, the doctors might be sued ... Read More

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