“Stimulate!” sings Paul Krugman’s character in a tongue-in-cheek cantata about his spat with Estonia’s president over austerity. The Nobel Prize winner’s refrain is striking a chord with the nation’s citizens.
Estonian Finance Minister Juergen Ligi, who didn’t make the shortlist for the country’s new representative to the European Central Bank’s governing council, said the central bank’s selection criteria is flawed.
Otsuka Holdings Co.’s experimental tuberculosis drug was effective against patients with infections resistant to older medications in a study, findings that may lead to the first new TB treatment in 40 years.
A little more than a year ago, the Baltic country of Estonia adopted the euro at a time when the Greek crisis and the Irish, Spanish, Portuguese, and Italian crises, were exposing the common currency’s weaknesses.
Estonia will probably pick Finance Minister Juergen Ligi, who managed record austerity measures, or Ardo Hansson, the World Bank’s chief economist for China, as its next member of the European Central Bank governing council.
Estonia celebrated its entry into the euro with a midnight fireworks display, shrugging off the sovereign debt crisis rippling through Europe to extend the currency block into the former Soviet Union for the first time.