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Transfers directed at correcting the historical shortage of capital investment in the periphery relative to the core would go a long way towards improving the productivity of periphery workers. The same worker working with their bare hands is less productive than with the right tools. That's why one possible way for the transfers to happen would be to give the money directly to the European Investment Bank, and also relax the requirement that the recipient member state contribute matching funds to the EIB's.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Wed Aug 29th, 2012 at 03:40:05 AM EST
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