Melvyn Krauss
Melvyn Krauss is an emeritus professor of economics at New York University and senior fellow at the Hoover Institution, a think tank at Stanford University.
Updated: 13 July 2010
Sources and authors
By Melvyn Krauss
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Economy: Merkel shepherds us away from the fiscal cliff
3 January 2013165 50 NRC Handelsblad Amsterdam -
Eurozone crisis: Save the ECB from the danger of Greece
2 February 201293 9 De Tijd Antwerp -
Austerity: Europe's medecine could cure America
13 July 201029 1 NRC Handelsblad Amsterdam
The last minute negotiations in Washington to avoid a budget shortfall show that short-termism is well grounded in US politics. And by contrast, it shows that despite her controversial handling of the euro crisis, the German chancellor is wise enough to instead push for long-term solutions. 
A Greek default can still not be ruled out, and it would place the European Central Bank in considerable danger. To avoid this, states should pay up and provide guarantees, believes economist Melvyn Krauss. 
European austerity measures have come in for much criticism from US economists. According to Melvyn Krauss, this betrays a misunderstanding of Europe's economy and consumption patterns. Instead of criticizing Europe, America would do well to adopt similar tactics.