Europe’s Growth Model in Crisis

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Europe’s economic model continues to benefit countries both at the core and at the periphery. However, not all have benefited. The countries in Europe that have come out well from the global economic and financial crisis are those that have harnessed the forces of economic integration most effectively, and have addressed weaknesses in the organization of work and welfare in particular. But in understanding why in parts of Europe the crisis has been so protracted, it is necessary to look beyond structural deficiencies emphasized in Golden Growth and consider the role of money, and specifically the functioning of the Eurozone.