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Lesson 2: Federal currency, state-level fiscal policy, persistent interstate trade surplus: Pick any two.

That one has been learned. The EU is in the process of stripping the Eurozone net importers of their national fiscal policies, in order to preserve the federal currency and the intra-EU trade imbalances. They call this the "pact for the Euro", and they tried to sell it as a "competitiveness pact" for about two weeks.

Economics is politics by other means

by Carrie (migeru at eurotrib dot com) on Thu Apr 21st, 2011 at 02:55:39 AM EST

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