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My point is that why did they join is not an argument. They did it ostensibly for the wrong reasons.

Also, countries have not opposed Merkel more forcefully because doing so "might be un-european" or something. In the Spring of 2010 Sarkozy reportedly (later deniedly) threatened to quit the Eurozone there and then if Germany didn't agree to a Greek bailout. Also Zapatero should have realised the "European friends" were not his friends at all, but he probably couldn't fathom it (Here is a fully sourced contemporary diary to anger you). Less than a year after that, Socrates and Zapatero even saw it fit to shun a PES summit in order not to be seen as "not playing ball" with the Eurozone powers that be.

I call this Stockholm syndrome. You may disagree. What it isn't is a rational macroeconomic policy.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Sat Feb 18th, 2012 at 11:56:44 AM EST
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