In Brief

Banks awash with cash that don't lend, a eurozone that somehow stays afloat but can't be reformed, and incoherent economic policy.

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This article titled “Welcome to the living dead economy” was written by Larry Elliott Economics editor, for The Guardian on Sunday 4th December 2011 17.29 UTC

The longer the economic crisis goes on, the less credible sticking plaster solutions become. Four years in, Europe is heading into a nasty recession, China is flirting with a hard landing, the governor of the Bank of England is warning of a systemic banking crisis and George Osborne has announced spending cuts that will continue for the next six years. The United States is the one part of the world where the news has been better recently, with signs of life returning to the housing market and a welcome fall in unemployment.

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