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É o euro, estúpido

Draconian fiscal tightening might be manageable for these countries if the Teutonic bloc is willing to offset the contraction in demand by cranking up their own stimulus, allowing the intra-EMU imbalances to close from both ends. But the Teutons instead cling to their pieties, and their morality tale. The result is the downward spiral that we can all see. Germany imposes austerity alone, seemingly convinced that there are good imbalances (German trade surpluses) and bad imbalances (Club Med trade deficits). Well sorry, Frau Merkel, this is intellectually childish. Both imbalances are equally bad. Booth sides are equally "guilty", to borrow your morality language. As I have written many times, this austerity fetishism repeats the fatal error of the 1930s Gold Standard when surplus states (France and the US then) failed to recycle their gold hoard and instead imposed the full burden of adjustment on the deficit countries — until these countries broke free and inflicted condign revenge.

Ambrose Evans-Pritchard, Frau Merkel*, it really is a euro crisis

 

* Herr Pedro Passos Coelho, Herr Vítor Gaspar, Herr Carlos Costa, etc...

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Isabel Moreira

Ana Vidigal
Irene Pimentel
Miguel Vale de Almeida

Rogério da Costa Pereira

Rui Herbon


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