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the Bunedesbank was already the most powerful institution in Europe before - just ask various governments in France until the 80s about the repeated traumas of the devaluations of the Franc against the DM, and thus the need to be as tough as the Buba. Thus the euro, to try to tie the ECB to European politics rather than to its monetarist core.

That European influence obviously is not strong enough, but the situation today would be no different with the Buba- you'd have devaluations, and I fail to see how that is any worse than austerity.

Case in point, the UK, which supposedly avoided the eurozone crisis by devaluating, and is doing even more austerity today.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Tue Apr 12th, 2011 at 05:47:10 PM EST
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