Sunday, December 23, 2012

Roubini : The drag from the Periphery was now hitting he Eurozone’s core

Nouriel Roubini : “Unless we restore economic growth in five years’ time this will become financially, socially and politically unsustainable. Europe has not spent enough time talking about what are the intelligent and creative ways to jump-start economic growth in the periphery and the core.” He pointed to potential infrastructure expenditure, even in Germany, and added the Eurozone’s periphery needed the euro to weaken “10% to 20%” against major trading partners’ currencies, whereas Germany “could live with the euro at 130”. He said the drag from the periphery was now hitting he Eurozone’s core, and it is now “quite clear France, for example, is entering recession and next year there will be a degree of debt consolidation [there].” - in investmenteurope
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