Fiscal austerity in the periphery requires cutting back on imports hence, the countries exporting to the periphery need to curtail their own imports and so the process cascades.

European Countries

The peripheral countries suffer from severe stock and flow imbalances.

But the periphery is seething with discontent.

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It will make Germany the center of an empire and permanently subordinate the periphery.

Throughout the periphery, populist parties of the left and right are gaining ground.

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That suggests that most of America s European export gain was concentrated in the region s so called peripheral economies.

Concretely, that means wage increases in Germany and industrial policies that promote exports and productivity in Europe s peripheral economies.

The creditors imposition of strict austerity on the periphery is perpetuating the eurozone s division between center and periphery.

Two themes that people consider crucial are a stronger European economy (more jobs and more growth) and greater security (reducing cross border crime).

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The division between debtor and creditor countries will become permanent, with Germany dominating and the periphery becoming a depressed hinterland.

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Many other European countries are adopting the second solution.

It has recently decided to purchase military equipment from European countries.

European States seem to share this approach.

Questions of responsibility of the European Community for conduct held by member States were discussed by the European Court of Justice.

Indeed, the risk has become more concentrated as banks in the periphery have increased their investment in their own countries bonds.

That means that courageous structural reforms must still be pursued in the peripheral countries indeed, throughout Europe.

The periphery can grow again only if it succeeds in exporting more.

All of this amounts to a much needed and often advocated Marshall Plan for the periphery.

Core countries, meanwhile, argue that they can do little to strengthen aggregate demand and relieve pressure on their partners, even as the periphery s agony is dragging the core into recession, owing to its dependence on peripheral export markets.

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2. Multilateralism and the United Nations UNU centre system

In both cases, the international authorities inflicted hardship on the periphery in order to protect the center now Germany is unknowingly playing the same role.

European countries, meanwhile, criticize the current military strategy.

Indeed there was a legal obligation on member States under European Treaty rules not to breach Community law.

At this point, peripheral countries will regain their fiscal sovereignty and will be able to ignore Reinhart and Rogoff s warning at their own risk.