# An op-ed by Nobel Laureate Michael Spence on restoring stability & growth in the euro zone

1 Faculty News June 19, 2012 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/clarity-about-austerity) -- "After all, restoring stability and growth is only partly about reviving short-term aggregate demand. It is also about structural reform and re-balancing, which comes at a cost."

[Read more](http://www.project-syndicate.org/commentary/clarity-about-austerity)

Additional coverage appeared in [Bloomberg Businessweek](http://www.businessweek.com/articles/2012-06-20/a-socialization-of-short-term-risk).