Nice ideas, Mr Draghi—now who will pay for them?
From “whatever it takes” to “whatever the cost”
An old joke haunts economists. A chemist, a physicist and an economist are stranded on a desert island with a tin of beans but no implement to open it. The chemist suggests corroding the container with sea water, but concludes it would take years. The physicist proposes a method to prise the tin open that turns out to be equally impractical. The economist is delighted that only she has the right answer: “Assume a tin-opener.”
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This article appeared in the Europe section of the print edition under the headline “Whatever it costs”
From the September 14th 2024 edition
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Marine Le Pen spooks the bond markets
She threatens to bring down the French government, but also faces a possible ban from politics
The maths of Europe’s military black hole
It needs to spend to defend, but voters may balk
Ukraine’s warriors brace for a Kremlin surge in the south
Vladimir Putin’s war machine is pushing harder and crushing Ukrainian morale
Vladimir Putin fires a new missile to amplify his nuclear threats
The attack on Ukraine is part of a new era of missile warfare
A rise in antisemitism puts Europe’s liberal values to the test
The return of Europe’s oldest scourge
Once dominant, Germany is now desperate
As an election looms its business model is breaking down