"Using Ecological Footprint metrics and monetizing the cost of Ecological Deficits, he provides evidence that the Euro crisis is a symptom of deepening resource constraints. Therefore, turning around resource trends becomes a necessary condition for Europe’s economy to recover. While the biocapacity deficit cost Greece less than 10% of their GDP in the 1990s, in 2009 it shot up to nearly 40% of its GDP."
Global Footprint Network’s Mathis Wackernagel makes the correct link between global resource constraints and Europe’s debt crisis. What Europe really needs is not more of the same (economic governance) but a complete redefinition of its economic and social model.