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It would certainly add a lot of financial fees and intermediates to inter-eurozone trade, as european industry tries to insure its supply chain against unpredictable currency shifts. Im not sure if this entirely predictable negative would be larger than the positives, but I do know that massive shocks have a strong tendency to not work out well for the common citizen, so as a solution, it sucks.

More constructively: It ought to be pointed out to the german people that what is needed is higher real german wages. I see arguments for more higher wages in germany in the press on occasion, but mostly this is phrased in terms of higher inflation, which is the worst possible rethoric one could possibly choose to sway the german public opinion.
What we need are arguments for a virteous cycle exit from the crisis that are as effective, intuitive and persuasive as the false "swabian housewife" analogy is.
"Economic austerity in a crisis is like tightening your tie because your pants are falling off. It doesnt help, and makes it very hard to breathe"

by Thomas on Thu Aug 30th, 2012 at 06:53:39 AM EST
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