Growth plans are too long term

After forcing yet more austerity on Greece in return for the new rescue package agreed last week, some European leaders finally appeared to adopt a more positive focus, by presenting “A Plan for Growth for Europe”. But the proposed reforms, aimed at freer trade, more flexible labour markets and greater innovation, would all take years to work. To achieve growth sooner, Greece and other peripheral economies will have little choice but to abandon austerity and exit the euro-zone.