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What your consumer is prepared to pay depends on his income, which in turn depends on his government's employment, fiscal and currency policy.

If you want a currency union, you must be prepared to increase government deficits, increase employment and increase inflation until you do not run a current accounts surplus against other members of the currency union.

If you don't want to do that, then you don't want a currency union.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Dec 14th, 2011 at 10:00:36 AM EST
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