Crisis, Response, Improvement, Complacency, RepeatBy
I can ’ t help feeling reminded of what our veteran Japan expert Robert Feldman has dubbed the CRIC-cycle, which typically goes through four stages – Crisis, Response, Improvement, Complacency – before morphing into the next crisis. Japan has gone through several such cycles over the past two decades, and I worry that we have now arrived in the complacency stage of the euro area ’ s first big one.
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