Is Krugman right to be so concerned about Europe

Personally, I think his concerns that Europe’s reaction to the recession is slow and less than adequate are about half right. Beyond the UK, not part of the Eurozone or the European Central Bank, and perhaps Spain, the recession isn’t hitting Europe in exactly the same way as the U.S.

And, before the slowdown hit full speed last year, the ECB’s concerns over inflation were legitimate, in my opinion. And, Krugman seems, at least in this column, to be (strangely?) unworried about post-recession inflation.

So, I’d cut his concerns by about half.

But, read the full column and judge for yourself.