European economy not out of the woods, it is no different this time says Ken Rogoff

Kenneth Rogoff, an economics professor at Harvard University and a former chief economist at the International Monetary Fund, talks about Europe’s sovereign-debt crisis and the US economy. Rogoff speaks with Tom Keene on Bloomberg Television’s ‘Surveillance’ on the sidelines of the World Economic Forum in Davos.

Europe needs to have a central government, he says, and we still seem a long way from that, and the single currency is not sustainable without it… The ECB has only bought time, it has not solved the problem…