Jean Pisani-Ferry believes the financial crisis signals the end of the debt economy for a number of years. In fact, even if there is a swift lending thaw and if interest rates go down again and reduce the cost of borrowing, the intensity of the crisis will remain in people‘s memories. The author observes an exodus of capital from emerging economies who have come knocking on the IMF‘s door. Pisani-Ferry hopes that Goverments will not announce a fiscal recovery plan in this context any time soon.
This comment was published by Le Monde.