Europe is getting tougher on government debt. After more than two years struggling to rescue financially shaky governments, leaders of the 17 countries that use the euro are ready to agree on a treaty that will force member countries to put deficit limits into their national laws.

At first glance, it seems logical – after all, the crisis erupted after too many governments spent and borrowed too much for too long.

But a number of economists – and some politicians – say the focus on cutting deficits is misplaced and that more fundamental problems are being left unaddressed.

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