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Wolfgang Münchau says EU is trying to solve the wrong crisis

In his FT column, Wolfgang Münchau argues that the competitiveness agreement is going to backfire in a big way. First, it does not constitute a solution to the current crisis, which is a banking crisis, first and foremost, which would require a commitment to force bank restructuring, which is still lacking. So whatever crisis Merkel's comprehensive crisis resolution package tries to resolve, it is not the current crisis. But if even you accept it as a long-term governance proposal, it is still not clear why harmonisation at the German level is necessary and desirable - nor likely to eradicate future imbalances. This is an unpleasantly hegemonial proposal, though which one country seeks to impose its economic order onto the rest. (Emphasis added.)


And no one will call Godwin on Münchau, I presume.  

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Feb 7th, 2011 at 01:58:02 PM EST
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