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As Theo Weigel said, the Euro speaks German.

And everyman believes that the Germans are good at Econ 101.

Which is why we're in deep doo-doo.

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 09:47:26 AM EST
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As Martin Wolf advised accession states: joining the euro is not about getting Germany-cheap sovereign debt. That's just the beginning. When you join the euro, you join Germany, with all that entails.

As someone said: would you like to be in a monetary union where Greeks run the fiscal policy and Germans run the monetary policy? Currently, only 8 % of Swedes do. And I'm not one of them. The only person I know who still wants to join the euro does so because he thinks it's a step closer to the United States of Europe, and damn the consequences. Which is after all also what the architects of the euro felt.

Or in the words of Romano Prodi back in 2001: "I am sure the euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created"

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Wed Dec 14th, 2011 at 09:57:29 AM EST
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As someone said: would you like to be in a monetary union where Greeks run the fiscal policy and Germans run the monetary policy?

Beats the current arrangement where the Germans run both.

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 09:59:42 AM EST
[ Parent ]
When you join the euro, you join Germany, with all that entails.

If only. Apparently Germany doesn't agree that the rest of us are part of them.

Or maybe they do. They don't seem to have much "solidarity" for the Ossies either.

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 10:01:32 AM EST
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