Societe Generale strategist Dylan Grice says the eurozone doesn’t have to be a “long-term Armageddon story.”
Grice told us that austerity is getting a lot of bad press, but that’s only one side of the problem:
The problem in Europe – and this is true in Greece, it’s true in Italy, it’s true in Spain – is that you have these regulations that really strangle entrepreneurship…So, you don’t get anyone stepping into the void left over by the government. Austerity is only one side of this. The other side is that you really need to structurally reform your economies. You need to structurally reform your labour markets. The problem…[is that] nobody is going to make that argument.
See Grice’s full take on where the euro crisis is at right now below:
Produced by Daniel Goodman
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