Jeanne d'Arc of China:
As the title indicates, this is not a pros versus cons assessment. Instead the author treats the Euro as a clear mistake, a triumph of a political ideal of European unity over basic economics.
The author provides a clear and accessible for non-economists account of how the idea of the Euro began to dominate the political discourse of particularly the French elite and how Germany leaders agreed on the condition that they determined the design, how warning signs during the pre-crisis period were ignored, how the risks from a Greek default were overblown so the wrong policies were adopted in andand how subsequent actions exposed the democratic deficit implicit in that German design, encouraging populist movements across Europe.
Indeed he goes further than I have done. He writes about the final days of the standoff between the Syriza government and the Eurogroup after the referendum.
The IMF made increasingly strident public noises about the urgency of debt relief, but the Germans - fearing political comeback from their taxpayers - refused to budge.
This drastic gesture would have created international pressure on the Germans and other European creditors to do the right thing. The IMF had a moral obligation to take such a drastic step, if for no other reason than to make amends for its complicity in the tragedy.
There is much more interesting detail and analysis that I cannot do justice to in one blog post. I can think of two areas where I might have told a slightly different story.
The author in parts writes as if it was commonly understood by economists that the Euro would not work. I think there were, in Europe at least, two other significant groups among academic economists. The first thought that perhaps the Euro could work, but only if it allowed fiscal policy to replace monetary policy as the national stabilisation mechanism.
I still remember how astonished I was reading the Stability and Growth pact when it was announced, which effectively ignored this critical role for fiscal policy. Another group gave more unconditional support to the Euro, although whether they did so because they really believed in its merits or because they saw it as politically inevitable is difficult to tell.
The second story which I do not think is given enough emphasis is the role of German wage undercutting in the early s. As Peter Bofinger has argued, this was a deliberate attempt to devalue the German real exchange rate within the Eurozone.
It was significant for two reasons. First, it helped Germany to emerge from the financial crisis in an economically stronger position than France and others, which in turn had a strong economic and political influence on subsequent events.
Second, it indicated an unwillingness on the part of the strongest country in the union to play by the rules of the game. But these are just differences in emphasis.
I would absolutely agree with the author that to avoid a continuing tragedy the direction of travel has to change. If the governing elite is the head and the people are the legs, the great danger is that the legs will not move and the eurozone will fall flat on its face.noun, plural trag·e·dies.
a lamentable, dreadful, or fatal event or affair; calamity; disaster: stunned by the tragedy of so many deaths. a dramatic composition, often in verse, dealing with a serious or somber theme, typically involving a great person destined to experience downfall or utter destruction, as through a character flaw or conflict with .
“Jandy Nelson is a RARE, EXPLOSIVE talent. Her prose is VIVID, BREATHTAKING, and DRENCHED IN PASSION, and her stories remind me why WORDS CAN CHANGE THE WORLD.” —Tahereh Mafi, New York Times bestselling author of the Shatter Me series.
The Wuhan Gang & The Chungking Gang, i.e., the offsprings of the American missionaries, diplomats, military officers, 'revolutionaries' & Red Saboteurs and the "Old China Hands" of the s and the herald-runners of the Dixie Mission of the s. (Note that the Soviet Red Army military advisers sent to China were mostly German Jews, and the Comintern agents sent to China were mostly American.
Every year National History Day ® frames students’ research within a historical theme. The theme is chosen for the broad application to world, national, or state history and its relevance to ancient history or to the more recent past.
Jan 02, · Adrian Peterson Every Rush from Career-High, Yard Game | Chargers vs. Vikings () | NFL - Duration: NFL , views.
"Tragedy" is a song released by the Bee Gees, written by Barry, Robin & Maurice Gibb, included on their album Spirits Having Flown. The single reached number one on the UK in February and repeated the feat the following month on the US Billboard Hot