A group of experts of the Economists for Peace and Security and the Initiative for Rethinking the Economy met again in Paris to discuss financial and monetary issues. Contrary to the mainstream, they were pessimistic that there would be sustained economic recovery and a return of high employment. The financial system preceding the crisis should not be restored and governments should not pursue exit strategies that permit a return to the status quo. Rather, the solution requires continuous state initiatives and financial structures serving public interests.
Originally published az Public Policy Brief No. 103, 2009 of the Levy Economics Institute of Bard College.