Euro zone policy may turn to relax 3/60 hurdle and to EuroTARP

The mood has turned against austerity in the euro zone because it is now rightly seen as anti-growth. The question is what next. Here I will hazard a few predictions of where euro zone policy is headed.

Let's use the framework I set out when framing the political economy of the European sovereign debt crisis last summer. I think the main social psychology component of this framing was in talking about how policy adapts when policy makers have publicly committed to one that is ill-suited for t...


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