Bill Mitchell: Eurozone policy failures laid bare

The Eurozone might be seeing a little sunshine creeping out from the very dark clouds. But it is far from recovered and the future is ominously black. On many key (cyclical) indicators it still is barely above (or still below) the levels achieved before the GFC. So when the next cycle hits, it will be in a much worse position than before.

And the reason: the fundamentally flawed design of the monetary system with its accompanying austerity bias.

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