Solution to Europe
I did not see a category for "Global Economics" so this question kind of falls under risk management instead.
Watch this video:
http://finance.yahoo.com/blogs/breakout/european-crisis-next-stop-portugal-says-chandler-134558350.html
and consider the following:
The guest speaker is right. It is the "lack of competitiveness" which is the problem. Each country needs to strengthen itself by creating internal competition. Up to this point countries were competing with each-other and they all became non-competitive. Strengthen each country from within.
Thoughts?
Answers (6)
Christine H.
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Bernard G.
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Rubbish.
Every country in europe has had plenty of internal competition - it is only in communist style centrally controlled business that this doesn't happen.
one always has to seek for improvement hence education is essential to become and stay competitive in the long run.
However lasyness will be your enemy or how Jim Collins phrased it "good is the enemy of great"
The issue with europe is that lasyness is all around and any change will only materialize within the next 10-20 years. Anyway Europe has to start now to reorientate itself
Nay Lin M.
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foreign direct investment [it is very easy to learn from what other countries are doing in the new economy of chaos]
Brandon M.
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The EU is a monetary union without a fiscal union, this is the same inflection point that the US faced under the Articles of Confederation and other early confederations. The basic gist has been to find a form of federalization or eventual dissolution.
"Competition" is already there within the EU, it is by it's nature as a confederation where peoples compete. Of course nation-states like France could do a bit more to become more economically competitive that retain ossified labour laws.
There's also the demographic realities, for example Spain has a rising amount of elderly which creates more dependents and therein undermines economic productivity over the long haul.
Overall, it's a complex series of events that needs to take place at the nation-state level and the federal level for the EU.
Solutions (real solutions) come from within -- they rarely "stick" long term when implemented with a boot and gun to the head. And given that the current European Union prevents countries from using some of the most basic tools available to deal with some of their problems and symptoms (such as excessive debt), ultimately the countries in Europe need to either decide that they want to merge, which is unlikely given the cultural pride that each country has for their own unique and distinct history, or, they need to get rid of the Euro, allow each country to control their own fiscal and monetary policy, and continue to build on the progress they have already made at making the entire European continent a highly functional and homogenous trading zone (but with separate currencies).
Currency is key here, because you cannot easily force, for example, the Greeks to become 25% more efficient nor can you force upon them severe wage reductions and higher unemployment, without significant social and political unrest -- even if those steps are theoretically a sound way to "solve" the current situation. Human nature must be taken into account -- fighting it is a losing battle. Many of the people we call historically great leaders were really just adept at channeling human emotion and human nature -- not by fighting it (although many of them then channeled that energy into war).
It is human nature to quickly take even the most bitter medicine -- but only right before they carry you off to your death bed. In most other instances people resist all but the most incremental of change, which is what makes these austerity measures and structural reforms needed in Europe (and the US) so difficult to implement, until it is proverbially "too late."
