Four years after first cracks in the financial system emerged, the coincidence of the euro-area and the US debt crises is a powerful reminder of the complexity of the chain of events set in motion by the global financial crisis. Citizens who were told in 2009 that resolute joint action by the members of the Group of Twenty had avoided the worst are understandably puzzled and wonder what went wrong: Were these crises ineluctable? Did the decision to rely on fiscal stimulus plant the seeds of further troubles? Or was the subsequent fiscal retrenchment too slow?
Πηγή: Bruegel