Wolf from Davos with right comments on the crisis

Here are some reflections from Martin Wolf on the current state of the world economy. A couple of particularly interesting points:

a. For those of us that prefer the European social-democratic model to any other, it is painful to see how badly the EU manages its macroeconomy. An excessive concentration on stability and a lack of any kind of coordination between poor and rich countries could lead into a permanent recessionary environment in several countries (including Spain).

b. After a year of significant expansionary programs, why are we rolling them back so quickly?

c. Will most Latin American countries really follow a V-shape trajectory? What will happen with Mexico and Central America, which face significant external weaknesses?