Over the weekend, European political leaders and central bankers finally fashioned a package of measures designed to ward off the sovereign-debt problems — felt most acutely in Greece — that had shaken markets in recent weeks. The underlying economic and fiscal challenges facing some European Union countries remain in place, however. MIT News asked international finance scholar Kristin Forbes PhD ’98, the Jerome and Dorothy Lemelson Professor of Management at the MIT Sloan School of Management, about the situation in Europe. From 2003 to 2005, Forbes served as a member of the White House’s Council of Economic Advisors, under President George W. Bush, and she worked in the U.S. Treasury Department from 2001 to 2002; she is also a research associate at the National Bureau of Economic Research. Q. With world markets in tumult last week, there was a lot of talk of “contagion” stemming from fears about the situation...
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