Celebrating the Euro

Sigh. Even the Commissioner in charge of the damn thing can\’t see what is plainly under his nose.

Before the euro, exchange-rate realignments in times of economic turbulence often disrupted trade and investment.

Exchange rate realignments help to ease the process of adjusting to economic turbulence. You know, like the pound coming out of the EMS? (Or was it EMU? Can never remember which was which).

While some eurozone countries have performed exceptionally well, the growth rate of others has been undeniably modest.

Yes, because wildly different economies have been subjected to the same interest and exchange rates you blithering idiot. This is proof that it\’s a bad system, not a good one!

6 thoughts on “Celebrating the Euro”

  1. I’m not sure this is true, or at least so evidently true as you think. When there are sharp exchange rate movement the cost in terms of trade and investment is not noticeable straight away but it builds up over time – a factory is not opened here or a company doesn’t trade there. It’s a bit like taxes in that respect.

  2. But what caused the “sharp exchange rate movement”? Matthew you are blaming a symptom not the cause.

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