It is a great shame that political leadership in Europe has not been honest with the electorate. As a consequence, they are promoting an economic environment which, for many European jurisdictions, is no longer globally competitive.
In this paper, Why Europe Matters, AIMS Board Chair, John Risley, looks at Greece and its current economic turmoil, offering insight into how to rebuild its economy. Through a comparison of Greece to the US, Risley argues Greece lacks the confidence of lenders to continue on its current path. Greece must tackle both debt and spending obligations through lower salaries, fewer public servants, regulatory reform, open its professions to competition and enable new businesses to open and grow.
Risley warns no country, including Canada, can live beyond its means and no country can afford to ignore the discipline of ensuring the promises it is making are consistent with its ability to fund such promises.