The left in Europe needs to change political course (WOLFGANG MÜNCHAU ) : '. . In the eurozone, the choices are even more extreme. Eurozone citizens only have two paths towards more investment. The first is exit from the euro, the only legal way for a country to escape the fiscal rules that constrain investment at national level. It is the choice offered by extremist parties.

The second option would be a eurozone-wide investment programme, centrally administered, funded by the issue of common debt securities or, more crudely, by printing money. The issues of eurobonds and debt monetisation are deemed politically unrealistic, given Germany’s opposition. So unless you opt for extremist parties, there is no real-world choice.....'

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