There has been so much ‘hype’ about the rise of the BRIC countries – Brazil, Russia, India and China – as the new economic powerhouses of this century, that one begins to wonder about the relevance of Europe as an economic power.
“Is the European economy as relevant as it once was?” asks Alice Rivlin. “Yes, absolutely, the citizens of Europe are better off now in an economically integrated Europe than when each country was going it alone. In the US, for example -- where the economy has been integrated for 200 years -- the economy of the state of Michigan is in dire shape, but no one in Michigan believes that they would be better off if Michigan were not part of the Union.” Read more..
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