It is often said that the Eurozone's unemployment problem arises from the fact that it is not an optimum currency area. But the real problem is Eurozone governance.
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Draghi's Jackson Hole speech is about the tragedy of long-term unemployment. He calls for fundamental reform of the Eurozone's institutional structure.
For about five years now, Greece has been giving the euro area authorities a test in economics and politics. The test must be retaken until the authorities produce the right answers.
Visiting Professor of International Economic Policy, Princeton University14 articles | View profile
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