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How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis?

Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern economic mainstream has been challenged by these empirical facts. Today, several years after the outbreak of...