Europe on brink of deflating, needs stimulus
[LONDON] The European economy is "on the brink of deflating" and urgently needs fiscal and monetary stimulus, former US Treasury secretary Larry Summers said on Tuesday.
Mr Summers said Germany must do more to revive the flagging eurozone economy, including more government spending and debt forgiveness for some of the currency bloc's more indebted members.
Addressing an audience at the London School of Economics, Mr Summers said central bank bond buying, known as quantitative easing, is better than no action at all but there is a limit to how much it can achieve in terms of stimulating growth.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’