The euro should either be dismantled in an orderly way or the leading members should do what’s necessary as fast as possible to make it growth and employment friendly. We will get nowhere plodding along with the current line of ad hoc decision-making and inconsistent debt-relief policies. (Compare, for example, Cyprus and Greece, where the source of problem was similar but the solution very different). The policies pursued now to steady the euro are costing Europe jobs and they are creating a lost generation of educated young people. This is not what the founding fathers promised.
Monday, December 16, 2013
Pissarides on the Euro
Nobel laureate Christopher Pissarides, once a passionate supporter of the euro, now thinks the EMS must either be changed profoundly or dismantled: