De Grauwe: The market has its virtues but also its shortcomings. It rewards people who have success, but those who are not able to keep up, fall through the cracks. Therefore we need an instrument outside of the market to correct that shortcoming: a strong social security. Currently, the danger exist that this social security will be dismantled during this crisis, and that would be catastrophic.
A second shortcoming of the market is the environment. This might even be the biggest problem. Why? Because those who pollute do not get punished. To correct this, again we need a body outside of the market. A political body that is strong enough to umpire and who can resist the pressure of interest groups.
Source: Knack, 4 september 2013

