Editor’s note:
The current european sovereign debt crisis should have been foreseen. Any policy has its pros and cons, and even though the initial intent to create a European union was benign, it was unable to take harsh but necessary measures to seal the cracks. The refusal to adopt changes which can potentially wreck or save the euro zone is called system justification, which is a cognitive bias and is the tendency for people to maintain the status quo.
I shall blog more about this soon. Stay tuned!
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