….What neither side will acknowledge is that monetary union, if it’s going to work, has to infringe the sovereignty of creditors and borrowers alike. Without national currencies and interest rates to act as shock absorbers, fiscal flows across borders are necessary to help smooth out economic fluctuations. This needn’t mean a permanent flow of subsidy in one direction; it does mean temporary reversible flows from countries with low unemployment to countries in recession. In the particular case of Greece, it requires from the creditors further patience and fiscal support.
If this is what Germany and other creditors are ruling out when they say they will have no part of a “transfer union,” the euro system will be permanently biased toward stagnation…..
……Greece isn’t willing to do what it takes. Nor is Germany. Nor, after four months of being called pillagers and criminals by Tsipras, are the other creditors. Yet don’t say they disagree. All through this crisis, there has been more agreement than meets the eye: They have agreed, it seems to me, on the impossibility of making this system work.
Väga hea artikkel. Kreeklaste jaoks on euro ja EL midagi progressiivset. EL-le olid algusest peale vastu paremäärmuslased. Kui kreeklasi visatakse euroliidust välja, siis nad tunnevad, et on nurjunud, nende poliitika on nurjunud. Ma kirjutasin sellest, millest see artikkel räägib, 5 aastat tagasi. Kui rääkisin, et euro ei saa töötada ja meil poleks mõtet sellega liituda, siis soovitati mul Putini juurde elama minna tihti. 🙂