Europe’s Lessons for Economic Growth

A bird’s-eye view of the Eurozone economies a decade after the financial crisis invites three conclusions: Governments that made unpopular free-market reforms are already reaping the fruits; families and businesses are acting more sensibly than their governments; last but not least, people have behaved much differently than the European Central Bank (ECB) intended.
The fastest growing countries are Ireland (6.6 percent), Spain (3 percent) and Portugal (2.8 percent). The first had already engaged in reform before the financial crisis, the second did so later on, and the third applied them sequentially under a right-wing government and then a left-wing coalition that

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