The Role of Europe's Debt Rules in Economic Development

Europe's debt rules are terrible they're absolutely terrible they crushed Europe's development after 2010. The highest public investors in the OECD rich country club in the western world are East European EU members who benefit from relatively generous transfers for regional and structural adjustment policy. Germany on the other hand is essentially debt unconstrained so it doesn't take advantage of this situation to borrow very heavily or make good its deficits, he says.