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Well, one argument (forwarded by Krugman for example) is that resolving the intra-EZ competitivity problems should come through higher German inflation. This would radically weaken German competitivness not only against the PIGS (which is the very idea), but also against the UK, US, China, Japan, and so on. Which is quite unacceptable.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Sat Dec 10th, 2011 at 12:29:25 AM EST
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