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Michael Pettis: Europe faces pressure to intervene in external accounts to regain competitiveness

Michael Pettis: Europe faces pressure to intervene in external accounts to regain competitiveness
Europe may intervene in external accounts

Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, commented that if Europe were to compress wages and transfers enough to regain competitiveness, it would be politically disruptive and harmful for the global economy.

Pettis suggested that instead, Europe might have to intervene in its external accounts to reverse this situation.

Pettis has previously critiqued a McKinsey Global Institute report for conflating issues around global trade imbalances and industrial policy. He has also highlighted that an estimated 10.6% of Chinese adults were overdue on debt payments by the end of 2025. These past assessments reflect his continued focus on structural financial challenges.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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