More proof the crisis is easing: Gatherings of European financial ministers no longer cause global stock and bond markets to gyrate with every sign of progress or a setback.As financial-market panic recedes, euro leaders have more time to try to fix the flaws in their currency union. Among the challenges are reducing regulations and other costs for businesses in order to stimulate economic growth, and imposing more centralized authority over budgets to prevent countries from ever again spending beyond their means. That's important because a major cause of the crisis was Greece's overspending during the calm years after the euro's introduction in 1999, and Italy's failure to cut the high levels of debt it joined with. Other governments â¿¿ such as Spain and Ireland â¿¿ were saddled with debt piled up by banks and real estate developers during boom years.
After 3 Bumpy Years, Europe Turns Corner On Crisis
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