Past that, Europe should consider replacing austerity policies with growth measures. In a separate note today, Goldman Sachs economist Lasse Nolboell W. Nielsen lay out a (convincing!) case for expanding an economy, not paring its parts.Greater consolidation leads to greater overall economic deterioration, Nielsen says. A fixed exchange rate complicates the situation, removing the cushion on exports from a depreciating exchange rate. In general, a country should not look to cut any more than 3% to 4% of gross domestic product in the short term, Nielsen estimates. Spain expects to cut some 4.5% of GDP; Italy sees cuts amounting to 3.5% of GDP.
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