Scott Sumner tries to enlighten us on the Eurozone depression.

Scott Sumner expends 1,000 words trying to enlighten us on the Eurozone depression.

Unfortunately his fixation with central banks and NGDP etc causes him to completely miss the basic cause of the Eurozone’s problems: the disparity in competitiveness between core and periphery, plus the fact that the way the EZ has chosen to deal with that disparity is to impose severe deflation on the periphery.

Sumner is also not too clued up when it comes to attacking MMT. See here.