What Europe could learn from Australia’s handling of the financial crisis

The financial crisis affected economies across the world, but the recovery from the crisis has varied significantly, with some countries quickly returning to growth and others remaining in a prolonged period of stagnation. Mark Crosby writes on the lessons that Australia’s handling of the crisis could have for Europe. He notes that many of the reforms that allowed Australia to weather the crisis followed a similar rationale to those contained in the EU’s Lisbon Agenda, outlined in 2000. Unlike Australia, however, the EU has suffered from a crisis in implementation, epitomised by the failure to find a lasting solution to the ongoing debt problem in Greece.