June 10, 2003

Former Bundesbank director Liam Halligan trashes the Euro. His argument convinces me the Euro might be a good thing. Money quote:

euro membership has played a major role in limiting [German] policy-making room for manoeuvre. [Furthermore] euro zone rules have cut back public investment to an extent we haven't seen since the war."

The upshot of the piece is that the Euro is bad for Keynesian monetary nationalism. And in my view, that is a good thing for both Germany and Europe. (via Institutional Economics)

Posted by Greg Ransom