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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.

But that's not the lesson - the lesson is that net exporters can have their own fiscal policy either - ie they have to accept pooling of resources or bailouts (whether organised or through default), and that one has NOT been learnt yet.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Mon Apr 25th, 2011 at 05:21:28 AM EST
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