I do not want to enter now into the debate of what is the best way forward. I will just mention that in Europe we have a further difficulty, i.e. that the euro has been introduced at the same time as globalisation has accelerated its effects.
This has led some to confuse the effects of globalisation with those associated with the introduction of the euro. For instance, perceived inflation is in some countries higher than measured inflation, and some attribute this effect to the euro, even though over six years have passed since the introduction of the euro banknotes and coins.