Customers should follow the interesting blog of Luis H. Arroyo , prolific blogger like few others, know their strong views on the crisis the eurozone. To manage it, and simplifying a lot (with your permission, I hope) - I will say that an essential element is to see the single European currency as a highly political issue and not an economic, a forced unity from top to bottom, unnatural (in the sense of going against the reality of the market) and therefore potentially dangerous .
The euro is the soul of the German mark, but his brain seems to be rather French. The viscera would be from other eurozone countries which have traditionally had a lot more fluctuation than the Teutons, uniquely Southern European nations, those with typical Anglo-Saxon superiority complex, have been denigrated by the term PIGS (Portugal, Italy, Greece and Spain). Recently, the "I" has become "played" by Ireland. Arrival
the crisis and because of the wide sleeve of European bureaucracy, all the constituent countries have committed "sins against the euro." Some have gone too far, leaving me through his long history of inflation, deficits and loose monetary policy and populist (c'mon, socialist). So the PIGS , after appearing certain monetary and fiscal discipline in times of growth (and bubble) back again when it's temporary. If
each country had its own money problems, could weather the storm better or worse resorting to devaluation, as did the UK and Spain made Gonzalez. It is an elegant solution, much less honest (no longer a theft to the entire population of the country devalued), but at least is a solution, albeit partially. But the euro
precludes that option. It has been shown that some countries were part of an optimum currency area , that the idea of \u200b\u200bthe euro that German fiscal discipline by members extend was a chimera. On the contrary, now Germany which go to other countries as a liability (and rightly so).
Assuming that the euro was a political stubbornness Economy relegated to second or third place, does the blame for the crisis is the euro?
IMHO, the answer is no . To say that the euro has been an aggravation of the crisis and an impediment to get out of it I think it is realistic but also that the euro is seen as an important element of what it is. What I like to consider Internet as the cause of certain crimes (when the middle). Internet can facilitate the commission of certain crimes and the impunity of criminals, but ultimate cause must be sought in the alleged offenders.
The euro represented a call to tighten fiscal and financial member countries, a sort of "Germanization" of many and diverse nations. "Be like Germans" sounded good in principle, supposed greater efficiency, higher productivity, more entrepreneurial, more dynamic, more competition, less unemployment, a federal system more rational and less populist ...
was only one problem: we are not Germans.
Luis H. himself Arroyo indicates perfectly clear in his book Economics from the beginning " the importance of ideological and ethical substratum (religious included) in the emergence of mechanisms and economic behavior, not only individually but for the exercise of state power. It is in this sense that I do not think that the euro is the root of the problem, but the trend congenital "Eurocracy" (European bureaucracy) to disregard its own rules . With
socialist Jospin government in France and Schröder in Germany, the axis around which the European Union two countries became a deficit, inflation and lax. After the Red-Green coalition in Berlin and the submission of Chirac and Jospin debacle of the workweek from 35 hours in Paris , the two nation-states Europeans began to make stand. In the late twentieth and early twenty-first, the Commissioner of Finance of the EU, which was a certain Pedro Solbes - German and French irritated "by calling them to order" and giving them as an example of strict country with sound accounts a. .. Guess what?, Aznar's Spain.
With all this, what I mean is that more important than the euro and its limitations is the policy pursued within the framework of the euro . There were years in which the Germans did not seem Germans (they reached the five million unemployed) and did not look English English (one of every two jobs created in the EU, was English; Zapatero has come to create one in three unemployed generated in the EU).
fatefully The English are not doomed to be a country of waiters and tourist destination of the wealthy citizens of the Union. are our decisions that we condemn, not an inexorable fate . We can make things right. Political will and mindset of work, of course, but we did in the recent past, achieving goals other centuries more capable than we could not achieve.
requirements stipulated in the Maastricht criteria were a reasonable seed, but were overlooked precisely because it seemed blasphemous to punish France and Germany. Of the powders are now sludge Greece ... and Spain.
share the view that if the crisis gets out of today no thanks to the euro if the euro though, but political action and social habits of the population that generated the crisis ( in particular) and hindering their departure from it.
The euro is not the problem itself, but the currency is more politicized and there is insane right now. Instability arises from the oversizing that political decisions have on it. Given the power concoction that makes up the Union and the disparate interests when they confronted the member countries, the euro has not market behavior, but a puppet in the hands of politicians, most low-class morality, and many also of no economic development. If politicians were serious about the euro and the punishment of offenders, the potent sign of rigor and credibility would strengthen the currency and reduce the socialist policies of many governments.
But it is the foxes who have been caring for the chickens.
do not think the euro is the problem, consider that in any case, those that are the problem becomes more problems whatever they touch. And the euro, to our misfortune, is in your hands.
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