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The same problem poses itself to the central bank in any country. The answer is that a national employment, industrial and redistribution policy is needed to stimulate investment in those areas of the country which would require a lower interest rate. So, the necessary counterpart to the European Central Bank is an employment, industrial and redistributive policy for the whole Eurozone. Lacking that, you quickly get things like Italian politicians fantasizing about leaving the Euro, or the French presidential candidates trying to one-up each other at bashing the ECB to please their domestic audience.

"It's the statue, man, The Statue."
by Carrie (migeru at eurotrib dot com) on Wed Jan 31st, 2007 at 02:50:38 PM EST
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