Euro-sluggishness

That’s the title of this column by David Ignatius in the Washington Post. Iganatius notes that Europe, to the great frustration of its business community, is the weak link in the global economy. The underlying problems — labor market inflexibility and lack of incentives to create job — are well known. Ignatius points to evidence that frustration among Europeans has spread well beyond the business community. However, in my view, the European Union — which gained its foothold in part because it seemed to offer Europeans the hope of competing on more even terms with the U.S. — actually constitutes the biggest obstacle to those who wish to bring about reforms that might enable certain European countries to emulate our success.

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