Banks and governments: The deadly embrace
For more than five years, the world has been hit by the worst economic crisis since the Second World War. Recovery, however, can only come if the central bank's role is more clearly defined, argued Prof Paul de Grauwe at an event in Luxembourg.
For more than five years, the world has been hit by the worst economic crisis since the Second World War. Its influence has been widespread and multiple. To this day many countries still face problems with regards their banking systems and soaring unemployment.
It is clear that previously held beliefs and practices are no longer working. Policies need to change, argues Paul de Grauwe of the London School of Economics, which will allow governments and banks to release their stranglehold on each other. The Monetary Union, he also claims, has made sovereigns more fragile.
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