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Wednesday, June 11, 2014

'Orphanides Points The Finger for Euro Woes At Politicians, Mainly German'

Via Real Time Economics at the WSJ:

Former ECB Official Orphanides Points The Finger for Euro Woes At Politicians, Mainly German, by David Wessel: Athanasios Orphanides has a theory on what went wrong in Europe: The governance of the euro-zone was incompatible with prudent management of a major crisis. Some big countries – notably Germany – exploited the flaws in the system to its advantage at the expense of others. The 2009 recession was triggered by the U.S., but the 2011 recession was made in Europe and was avoidable.
“Key decision makers exhibited neither political leadership nor political courage,” he says in a lecture turned into an Massachusetts Institute of Technology working paper. ...

    Posted by on Wednesday, June 11, 2014 at 01:37 PM in Economics, Politics | Permalink  Comments (4)


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