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I think this is not a "euro" crisis, but a political crisis about how much solidarity and commonality there should be between the "core" and the "periphery." The core is currently strongly tempted to go it alone and put the responsibility of the breakup on the periphery.

There will be transfers from the core to the periphery, whether it's organised cleanly or whether it's triggered by a serious depression in the periphery which drags down the core.

I don't think we disagree too much on this.

I think we only disagree on what the focus for the solution should be - ie how the transfers should take place - via the monetary framework and policies or the broader political deal on what the EU is about.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Fri Jun 3rd, 2011 at 07:01:08 AM EST
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