Bloomberg
One of the
benefits of being an academic economist is that market participants and
government officials will often tell you what they think in relatively frank
terms.
Here is
what I learned in dozens of meetings last week in Frankfurt ,
Madrid and London :
-- There is
wide agreement that the status quo is unsustainable, and no one is optimistic
about the future. The elevated cost of borrowing for banks and some governments
must be addressed within weeks or at most a couple of months.