EUROPE’S economic problems are growing steadily worse, with unemployment in parts of the Continent now above the level reached in the United States during the Great Depression.
Meanwhile, policy makers dither over solutions. Last week, the European Central Bank cut interest rates by a meager quarter of a percentage point, akin to giving two aspirin to a patient with pneumonia. Meanwhile, pressure is growing to ease the emphasis on austerity and to allow larger budget deficits.
If it were only that simple.