Policy makers under pressure can get preoccupied with the fixation of the moment. For the Eurozone, that idée fixe has been “the firewall”. How big is big enough? Who contributes and how?
Now that the eurozone finance ministers have exhausted themselves with a multilayered package of hundreds of billions of euros, the debate will go global at this week’s spring meetings of the International Monetary Fund and the World Bank. The next preoccupation will be how many more hundreds of billions of euros should be pledged to the IMF. It will be Firewall II: the Sequel.
I beg to differ. Not with firewalls exactly, but with the preoccupation.
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