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It's not about the Maastricht straitjacket, it's about Keynes' negative feedback loop on surpluses.

Of course, admitting that deficit spending needs to be unconstrained in a recession and that the ECB should monetize public debt if necessary, would help.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Mon May 30th, 2011 at 06:37:21 PM EST
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