Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
As I have noted a number of times in a number of places, the euro is a quasi-sovereign currency not issued by an actual sovereign, whereas the US$ is a sovereign currency issued by an actual sovereign (Technically each of the states is a sovereign, and once upon a time several of them issued their own currencies.  This went less than well.).  The US is therefore in a better position to manage those issues that arise from monetary sources.  That said, 1) fiscal transfers are losing steam first because of the economy and second because the poorer states are proving to be buckets that can't be filled; 2) the only full employment mandate the Fed recognizes is for investment bankers; 3) dirty, little secret: the US doesn't have free movement of people in practice, either; and 4) any unemployment figures from the US are a joke because they don't include people whose unemployment insurance payments have ended but who have given up looking, and they don't include people who are "self employed" because they can't find work.
by rifek on Mon Apr 20th, 2015 at 01:27:06 AM EST

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