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We keep running circles around the small open economy mindset problem.
The many failures of the eurozone's crisis response policy have a common cause: the eurozone is a large closed economy. Each of its 17 members is small and open. The political leaders who run the eurozone have a small open economy mindset - every one of them, without exception. The economists they employ mostly use small, open economy models.


tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Wed Dec 14th, 2011 at 11:10:15 AM EST
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