Well, yes…

Of all the many words spilt on the Greek financial crisis and the danger to the euro, some of the most repeated are that it was a mistake to go ahead with EU monetary union before there was a political union. On the whole, this is the economists\’ view, which reflects a fundamental misunderstanding of the European Union: it is a political union, which is why Germany finds itself tied at the hip to Greece, Spain and Portugal.

To a very large extent that is the problem.

For while you may ignore economics that doesn\’t mean that economics is going to ignore you.

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