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No easy solution

We need leaders to show much greater imagination in tackling the world's financial crisis. Conventional economic remedies won't wash

By Jonathan Ford   December 2011

Photo: epsos.de

The global financial crisis has exacted a heavy toll on public finances around the world. Deficits have rocketed and in many developed countries, government indebtedness has soared to levels not seen since 1945.

Dealing with the perils of this has become one of the biggest policy issues of our time. The US economists Kenneth Rogoff and Carmen Reinhart have pointed out that high levels of public debt are associated with low growth and high inflation. Jittery bondholders might take flight if deficits in some countries are not swiftly curbed. Several eurozone countries have already been forced to seek…

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