# In an op-ed, Prof. Thomas Cooley discusses Europe's response to the financial crisis

1 Faculty News July 18, 2014 ![El Pais logo](/sites/default/files/styles/246w/public/assets/images/El-Pais_logo.jpg?itok=x2dTkb4j)>

Excerpt from [El Pais](http://elpais.com/elpais/2014/06/26/opinion/1403810716_788107.html) -- "Productivity in some parts of Europe was low before the crisis, but fell \[further during the crisis\] and still has not recovered, except in Germany. Unlike Japan, on the outskirts loss was especially \[in the area of\] employment. Moreover, Europe does not seem to be making the investment in human capital \[they\] should do to improve their productivity."

[Read more](http://elpais.com/elpais/2014/06/26/opinion/1403810716_788107.html)