Steve Keen has one of the clearest descriptions of why the Euro currency was doomed from the beginning.
His succinct synopsis is:
Paul Krugman has said much the same thing. There is a thread in neoclassical economics which has examined "Optimal currency areas" and Europe is far too large, divergent, and not part of a unified fiscal regime according to that analysis.
Keen also points to Wynne Godley, who denounced the Maastricht Treaty back in 1992, predicting what has happened today.
His succinct synopsis is:
A currency requires a nation, and there is no nation called Europe – nor will there ever be.
Paul Krugman has said much the same thing. There is a thread in neoclassical economics which has examined "Optimal currency areas" and Europe is far too large, divergent, and not part of a unified fiscal regime according to that analysis.
Keen also points to Wynne Godley, who denounced the Maastricht Treaty back in 1992, predicting what has happened today.
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