Germany's Riddle is Inside an Enigma... FT's Martin Wolf writes on Germany's challenge to have an integrated Europe based on sound money... "Is the right answer to rescue sinners, thereby strengthening the cohesion of the eurozone, but threatening monetary stability? Or is it to let sinners default, thereby strengthening monetary credibility, but weakening cohesion? Germany could avoid such choices before the single currency: uncompetitive countries simply devalued."... concludes either Germany's neighbors must become more like Germany or Germany must become less German if the eurozone is become more so... http://www.ft.com/cms/s/0/d23c785e-2bb3-11df-a5c7-00144feabdc0.html (4*) (may need to register with FT for free first)
Wednesday, March 10, 2010
Germany's Riddle is Inside an Enigma... FT's Martin Wolf writes on Germany's challenge to have an integrated Europe based on sound money... "Is the right answer to rescue sinners, thereby strengthening the cohesion of the eurozone, but threatening monetary stability? Or is it to let sinners default, thereby strengthening monetary credibility, but weakening cohesion? Germany could avoid such choices before the single currency: uncompetitive countries simply devalued."... concludes either Germany's neighbors must become more like Germany or Germany must become less German if the eurozone is become more so... http://www.ft.com/cms/s/0/d23c785e-2bb3-11df-a5c7-00144feabdc0.html (4*) (may need to register with FT for free first)
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