By Dimitris N. Chorafas (auth.)
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Additional info for Breaking Up the Euro: The End of a Common Currency
Heightened uncertainty has been a key factor in rendering these outcomes. ” For its part, Germany is fiercely opposed to the use of the ECB as a lender of last resort because it risks triggering a much higher price inflation along with: ● ● Monetary policy bias, and Major central bank losses later on. This situation is difficult to untangle because in the early 1990s important issues related to a common currency were poorly examined or failed to get wider political backing. According to learned opinions, the political target has been guiding Germany since the beginning, and the common currency that it accepted was part of a strategy to reach that goal but now seems to be increasingly remote.
But nobody pays attention to risk-weighted assets. From the viewpoint of countries needing funds and those providing them, the way to look at accumulated unfunded liabilities—from subsidies to bailouts—is as a legacy cost largely due to mismanagement of: ● ● ● Each individual member country, The common currency itself, and The institutions and watchdogs supposed to look after its wellbeing. These legacy costs have a special price attached to them. They led to Greece, Portugal, and Ireland losing access to private market funding and are threatening to do the same for Italy and Spain (eventually for France 18 BREAKING UP THE EURO as well).
Such a turn for the better will in no way be automatic. Structural reform will be needed, as well as a change in the country’s creditworthiness, even if this means a temporary fall in living standards (that definitely accompanies reforms and is inseparable from deleveraging). The problems resulting from budgetary and current account deficits have only partly been created by the euro and easy-money policies. Many of the problems are deep-seated. It is better to tackle the reasons behind the problems rather than having to commit to the tough terms ofbailouts.
Breaking Up the Euro: The End of a Common Currency by Dimitris N. Chorafas (auth.)