” (…) The idea that flexibility is good and rigidity is bad continues to influence the minds of policymakers and analysts. Rating agencies, for example, continue to give a more favourable rating to US and UK sovereign debt based on the notion that the greater flexibility of these countries gives them a better capacity to adjust to the crisis than rigid countries such as Spain, Italy and Ireland.
Paul De Grauwe, FT.com, February 22 2009
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