Updated Wednesday, October 22, 2014 as of 4:01 AM ET

The Anti-Austerity Movement

The frustrating thing about those promoting this alternative approach is that they have spoken in such maddeningly vague terms about something that desperately needs specificity. Monti, Draghi and LaGarde have talked about making Europe "more competitive," but beyond a few hints of the elements involved have remained less than forthcoming. The most specifics to emerge to date have come from Jörg Asmussen, the German member of the ECB's executive board. Drawing on Germany's 2010 reform, he has outlined a program for greater economic flexibility and growth that includes easing job dismissal protections, lowering bureaucratic hurdles for new business creation, setting higher retirement ages and revising regulations that heighten non-wage labor costs. Presumably, Asmussen speaks for Draghi in setting forth these points, but that is far from certain.

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