Europe in Purgatory. Robert Samuelson: “…it’s obvious that adopting the euro was a colossal blunder. It may rank as Europe’s worst policy mistake since World War II. The virtues of the common currency – it reduced transaction costs and the uncertainty of fluctuating exchange rates among national monies – were temporary. Its vices seem permanent…” The single currency is a financial roach motel for Europe – they got in and now they can’t get out without great damage to themselves… and us.
This post was last modified on November 10, 2021
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Euro much cheaper than the Mark.. Deutschland made a killing on exports, until the bailouts of weaker partners ruined it.. the jig is up!