Editorial, The Economist | December 20, 2010
The issue of rising sovereign bond yields, not just in the euro zone, but across the Western world, will be one to watch in the New Year. ++ However, governments are in a position to minimize this volatility. ++ The United States should complement its short-term tax cuts with an agreement on medium-term deficit reduction. ++ Japan needs to overhaul its taxation system and kick-start growth. ++ Europe needs a more coherent plan for its common currency. ++ Unfortunately, there are little signs of any of this happening.