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An Italian reader, continentàl 2.0, recommends an article on the correlation between macroeconomic imbalances and cultural factors, published on Milan-based news site Lavoce.info. He writes —
According to the article, macroeconomic imbalances in Europe can be explained by persistent cultural differences related to history and religion. Economic performance is related to the level of interpersonal trust. Economic activity is impossible without a minimum level of confidence. Distrust can cause severe financial crises and results in higher transaction costs. Will the eurozone fall apart for purely cultural reasons? Probably not. Only a limited amount of the macroeconomic imbalances over time and between its members can be explained by cultural variables, while cultural differences within it are not large on an international scale. Economic and educational policies can play an effective compensatory role.
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