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Dominant Economy Pretends Its Breakdown Was Unforeseeable
The consensus of the past two decades on how the macro-economy functions is shattered. The breakdown of the dominant economy is a consequence of the financial crisis, the "great shock." Reduction of the debts of vulnerable states, reduction of the balance of payments imbalances and distribution of the adjustment burden on all shoulders are necessary and urgent to avoid the "implosion" of the Euro-zone.
The consensus of the past two decades on how the macro-economy functions is shattered. The breakdown of the dominant economy is a consequence of the financial crisis, the "great shock." Reduction of the debts of vulnerable states, reduction of the balance of payments imbalances and distribution of the adjustment burden on all shoulders are necessary and urgent to avoid the "implosion" of the Euro-zone.
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