A Europe Divided

Politics and economics used to divide Europe into parts East and West, but now North and South better define the continent's different approaches when it comes to managing money.

"The South [of Europe] contains all those countries whose political classes have not been able to balance their national budgets, whose bureaucrats have not been able to reduce their numbers, whose voters have not learned to approve of austerity: Greece, Spain, Portugal, Italy, Hungary, Bulgaria, and—at the moment—Ireland. The North contains the budget hawks: Germany, Poland, Estonia, Scandinavia, the Czechs, and the Slovaks. Britain's new government, with its austerity budget, aims to return to the North, following its recent experience of life in the South."

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