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Gah, wrong chart:

The top left is not trade balances. But imagine that teh ECB charged interest to the national central banks on their net balances, both positive and negative, and then transferred the proceeds to the "EU finance minister" for funding of an industrial policy component of the structural funds.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 2nd, 2011 at 01:34:03 PM EST
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