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Five Reasons the Euro-Optimists Are Wrong
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Five Reasons the Euro-Optimists Are Wrong

Desmond Lachman
AEI, 2013
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Recommendation

Policy expert Desmond Lachman challenges the theory that the European Union is on the brink of economic salvation. His brief paper skillfully rebuffs the five factors “euro-optimists” commonly present as evidence of a recovery. He exposes the cracks in their forecasts and warns that an improved economic outlook will be elusive in the short term. Although this learned work is short on details, getAbstract recommends it to academics, policy makers and financial services professionals looking for another view into the euro zone’s economic future.

Take-Aways

  • “Euro-optimists” hypothesize that the euro zone is exiting its economic crisis, but their theory is misguided.
  • Austerity is strangling recovery in Europe’s peripheral states, which can’t devalue their currency to lift exports. Meanwhile, the euro is appreciating.
  • The Federal Reserve and the Bank of Japan have embraced policies that bolster global liquidity. Once they end those policies, nations struggling with high public debt will once again come under market pressure.

About the Author

Desmond Lachman is a resident fellow at the American Enterprise Institute. He is a former deputy director of the International Monetary Fund’s Policy Development and Review Department.

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