The Economist: The euro crisis - The ECB's end of the bargain

On Friday I joked that the euro-zone periphery ought to begin tying all its reforms and austerity programmes to the level of euro-zone nominal output, the idea being that if the ECB can't maintain adequate growth across the euro zone as a whole, it is unreasonable to expect a struggling periphery to address its fiscal troubles and eliminate its imbalances with the core. Germany's economy needs to grow at more than capacity, so as to increase absorbtion of exports from the periphery. If it doesn't, the periphery can only address its imbalances through import compression, which is to say, through depression.

Mein Blog befasst sich in einem umfassenden Sinn mit dem Verhältnis von Wissen, Wissenschaft und Gesellschaft. Ein besonderes Augenmerk richte ich dabei auf die Aktivitäten des Medien- und Dienstleistungskonzern Bertelsmann und der Bertelsmann Stiftung.