Reconciling adjustment with growth

December 22, 2011

After enduring the deepest recession of the democratic era, growth has stalled and job losses continue, pushing unemployment to levels that are simply unacceptable.

The outlook has worsened, pointing toward meager or even negative growth and a further deterioration of employment. In the longer term, doubts are being raised regarding the capacity to sustain the welfare state with its current structure.

Read the article by Federico Prades, economic advisor to the AEB, published in Expansión.

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