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For purposes involving monetary theory (includes foreign trade, exchange rates and foreign reserves) the Eurozone should be treated as a single unit, not the EU.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Sun Mar 14th, 2010 at 06:02:15 PM EST
[ Parent ]
But for purposes focusing on the productive sector of the economy, the case for treating individual EU members as distinct national economies is at the very least arguable.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Mon Mar 15th, 2010 at 01:30:17 AM EST
[ Parent ]
And for fiscal policy, social safety nets, etc.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Mon Mar 15th, 2010 at 03:10:56 AM EST
[ Parent ]
Quite ... if its conceded that only the Eurozone can act as a loose confederal national economy with respect to the weakest of the policy tools to address a business cycle downturn, the fact that the whole EU is a loose confederal national economy for all of the strongest policy tools to address a business cycle downturn also bears noting.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Mon Mar 15th, 2010 at 03:05:04 PM EST
[ Parent ]

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