The worst-performing eurozone countries are mired in depression or deep recession; their condition is worse in many ways than what economies suffered during the Great Depression of the 1930s. The best-performing eurozone members look good, but only in comparison.This system cannot and will not work in the long run: democratic politics ensures its failure. Only by changing the eurozone’s rules and institutions can the euro be made to work.
When U.S. politicians talk about Scandinavian-style social welfare, they fail to explain the most important aspect of such policies: selfishness. The choices Nordic countries have made have little to do with altruism or kinship. Rather, Nordic people have made their decisions out of self-interest. Nordic nations offer their citizens - all of their citizens, but especially the middle class - high-quality services that save people a lot of money, time, and trouble.
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