EMI's Eswar Prasad says Europe is 'coming to grips with some harsh realities'

Washington Post features Prasad's thoughts on Europe's austerity measures and the general state of emerging markets on Bloomberg Televsion

Eswar Prasad, the inagural faculty fellow for Johnson at Cornell University's Emerging Markets Institute (EMI), senior professor of trade policy at Cornell and a former head of the International Monetary Fund's financial studies division, talks to the Washington Post/Bloomberg TV about Europe's austerity measures.

Prasad, author of "Emerging Market Economies....resilience and growth among global turmoil" (Brookings Press, 2010), says Europe is "subcontracting issues to technocrats."  But whether change can come without political mandate is yet to be seen. He also says that emerging markets have one thing on their side in terms of their ability to ride the storm of current economic uncertainty, which is that they tend to stick to fundamentals. He speaks with Bloomberg Televsion's Lisa Murphy on "Taking Stock."
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