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Hardly A Wim-Win On The Good Ship Euro
It is sometimes said that while the single monetary policy may be “right” for the euro area as a whole, it is “wrong” for many individual countries within the area. I disagree with this view. First, it overlooks the fact that, within a single currency, area adjustment can occur via prices and wages.
Quote by: The then President of the European Central Bank, WIM DUISENBERG
Quote made on: 05/11/1999
Quote Submitted by: Yvonne Beere
Source: Speech delivered at "Nieuwspoort" in The Hague, Netherlands
Editor's Notes
The capacity for single monetary policy to adapt to changing circumstances has indeed been brought into sharper focus in the light of recent events. For instance, the effect of adjusting Spanish wages may not be so relevant when approximately one in every four workers cannot currently obtain employment.
Spain`s Foreign Minister told state radio last week: “This is like the Titanic. If there`s a sinking here, even the first-class passengers drown”
Given that the richest “passengers” within the EU have an unfortunate reputation for securing the best vantage points on holiday, it is hoped that they will be able to do something more than re-arrange the deckchairs on this particular journey.
(No Ratings Yet)
Loading ...Published on: April 29, 2012
Nick Clegg – on the benefits of Euro membership
The single currency, far from being an agent of continental style corporatism, is probably the greatest export vehicle of Anglo-Saxon economics. The euro has done more to enforce budgetary discipline, to promote privatisation and force through labour and product market liberalisation in the rest of Europe than any number of exhortations from the IMF, the OECD, or the editors of The Economist
Quote by: Nick Clegg, Deputy Prime Minister
Quote made on: January 2002
Quote Submitted by: M.Haley
Source: prospectmagazine.co.uk
Editor's Notes
It would be interesting to see what the worse export vehicle looked like (a Moskvitch?)
(1 votes, average: 9.00 out of 10)
Loading ...Published on: March 3, 2012
Gerhard Schroder(on the euro)
Our future begins on January 1 1999. The euro is Europe`s key to the 21st century. The era of solo national fiscal and economic policy is over.
Quote by: Gerhard Schroder
Quote made on: 04/03/1998
Quote Submitted by: The Financial Foot in Mouth Team
Source: teameurope.info
Editor's Notes
Views about the euro can understandably change over time, but it is hard to conceive of greater Damascene conversion than that displayed by Herr Schroder in opposition in March 1998, when he said:
“The euro is a sickly premature infant, the result of an over-hasty monetary union.”
Contrast this with the pronouncements of the newly-elected Chancellor Schroder on December 31 1998:
“Our future begins on January 1 1999. The euro is Europe`s key to the 21st century. The era of solo national fiscal and economic policy is over.”
Hmm.
(3 votes, average: 9.33 out of 10)
Loading ...Published on: February 7, 2012
