'it is also true that the affected countries undoubtedly have problems with excessive government spending, tax revenues that are too low and an erosion of competitiveness. The financial markets are forcing them to do something to change the situation .. the history of the European Union has taught us anything, it is that member countries rarely move unless they are placed under pressure.'<blockquote>'..there is another strong argument against deploying the bazooka: the prospect of theoretically unlimited support from the ESM could lead euro-zone countries where reforms are so desperately needed to massively neglect those efforts.
Even if one assumes that speculation and panic are behind rising interest rates for euro-zone countries, it is also true that the affected countries undoubtedly have problems with excessive government spending, tax revenues that are too low and an erosion of competitiveness. The financial markets are forcing them to do something to change the situation.
Bazooka proponents, meanwhile, argue that countries are still capable of undertaking reforms once the pressure is taken off of them. But if the history of the European Union has taught us anything, it is that member countries rarely move unless they are placed under pressure.'
- David Böcking (Der Spiegel),
Europe's Dangerous Dream of Unlimited Money, August 1, 2012</blockquote>
Context<blockquote>
'..to the role Credit played in economic cycles..' - Doug Noland
..Germany breaks renewable energy barrier - Twenty-five percent .. comes from renewable energy...To Heal - '..the new world of [electrified] plasma medicine..'(Bazaarmodel) - Orders From on High? That’s So Yesterday - “The Future of Management”Banking Reform</blockquote>