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Well, that might have meant that, in the existing framework, the periphery should have been running large surpluses to prevent the external imbalances. Not the best policy, admittedly, but one that was possible.

But discipline is not just about budget policy (and in any case, budget policy is not just about the balance, but about how taxes are raised, and what they are spent on) - more stringent regulation of the banking sectors (something Spain did to a decent extent) and of asset sectors.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Thu Jun 2nd, 2011 at 10:06:57 AM EST
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