London – Most people have heard of the Marshall Plan. Some might even know what Brady bonds are. But they have not yet heard of the Brunnermeier plan. Or Bishop bonds. Or the Gros accord. That is because they do not exist yet — except as dreamy proposals by economic thinkers to fix the European debt crisis.
While dealing with Europe’s financial difficulties has been a grim slog for the Continent’s austerity-weary citizens and its frustrated policy makers, it is the opportunity of a lifetime for ambitious idea merchants looking for fame.