Tiny Switzerland's travails underline the bigger issue: Europe's inability to restore economic growth. After the 2008 financial crisis and amid the subsequent European debt crisis, Europe's leaders -- Germany's policy makers, especially -- have erred repeatedly. They have forced too much austerity on the weakest members of the currency union, while the strongest have pared back investments needed to boost growth. They have been far too slow in forcing banks to recognize losses, raise capital and get back to business as usual. They have opposed much-needed monetary stimulus. As a result, the euro area has endured serial recessions and is now teetering on the brink of deflation.
Read Full Article »
