The Euro, a machine for perpetual destruction
The currency is fundamentally warped and misaligned.
It spans a 30pc gap in competitiveness between North and South.
Intra-EMU current account deficits have become vast, chronic, and corrosive.
Monetary Union is inherently poisonous.
The countries in trouble no longer have the policy tools — interest rates, QE, liquidity, and exchange rates — to lift themselves out of debt-deflation.
Ambrose Evans-Pritchard, September 27th, 2011
It spans a 30pc gap in competitiveness between North and South.
Intra-EMU current account deficits have become vast, chronic, and corrosive.
Monetary Union is inherently poisonous.
The countries in trouble no longer have the policy tools — interest rates, QE, liquidity, and exchange rates — to lift themselves out of debt-deflation.
Ambrose Evans-Pritchard, September 27th, 2011
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