Europe requires urgent restructuring

The economic picture for 2005 looks challenging. Unfortunately, what we see is not a pretty picture. In Europe, the economies need further restructuring. And they need to be restructured with a greater momentum than they have been in the past 25 years. All the problems we see now are not new. The politicians have had them on their agendas since the late 1970s and early 1980s, but nothing has yet happened. The US has its current account deficit and Europe has its worsening government debt situation. Estimated growth rates are too high. Going back to basic economic principles: if money i...