``There is a big problem when countries containing two billion people all try to prove that they "mean business" at the same time. What may make sense for one economy, does not make sense for the international system as a whole... This is more or less the same flawed strategy that has bedevilled the Europe for the last four years. While austerity/deflation policy might work for Ireland or Portugal in isolation, such a policy is madness when applied to the whole of southern Europe together. It creates bad feedback loops all over the place. One must never argue from the micro (national) to the macro (global).''

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