06/21/2012 02:24 pm ET Updated Aug 21, 2012

Simon Johnson: 'Peripheral Europe Will Never Be Like Germany'

Most current policy discussion concerning the euro area is about austerity. Some people, particularly in German government circles, are pushing for tighter fiscal policies in troubled countries (i.e., higher taxes and lower government spending). Others, including in the new French government, are more inclined to push for a more expansive fiscal policy where possible and to resist fiscal contraction elsewhere.

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