Moraira Property said:
28 January 2010 @ 11:00
Proof, if proof were needed, of the fundamental flaw in the one size fits all policy of the Euro. This single currency may work reasonably during relatively begin economic conditions. The economic discipline it brings has some merit.
However, it is clear that the member states in Euro zone do not represent a single economically homogenous block. France and Germany seem to have recovered from this astonishing recession remarkably quickly. The same cannot be said for Spain, Greece, Portugal, or Ireland. How can their best interests be served by interest rate policy which does not suit their particular place in the economic cycle?