« How to cut the Toronto Transit Commission’s budget while improving public transit | Main | What if you do “want to be rich, famous, and demented and dead at 40?” »

December 08, 2011

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Mike Power

The economic problems in the EU stem from a design failure resulting from compromise. By failing to enact fiscal union with monetary union, member states were left free to maintain their structural idiosyncracies and adapt to the stress of a non-responsive common currency as best they could.

The EMU is a 27 floor skyscraper with a thermostat on the 13th floor. Some floors are always too hot and others too cold; the temperature was always managed for the benefit of the penthouse states - Germany and France. Meanwhile, Italy, Greece and Spain coped by running up sovereign debt.

If Europeans had been given a clear choice between the full monty - fiscal and monetary union or nothing - this might have turned out differently.

The comments to this entry are closed.

e-mail address

Blog powered by Typepad
Member since 02/2008

Blogging Tories

  • Blogging Tories