by George Dorgan
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Charles Wyplosz, Professor of International Economics, Graduate Institute, Geneva repeats our arguments in “Who says No to Austerity, Says Yes to the Northern Euro“ about the impossibility of getting out of the common currency – recession – austerity – cycle. Similar as we do, he proposes a public debt haircut, an end of austerity and a decentralization of remaining debt. We go one step further, we want to break not only austerity but also the current form of the common currency. Read more on Prof. Wyplosz entry on VOX.
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It’s just Germany. It’s just industry. The excuses pile up as long as the downturn. Over across the Atlantic the situation has only now become truly serious. The European part of this globally synchronized downturn is already two years long and just recently is it becoming too much for the catcalls to ignore. Central bankers are trying their best to, obviously, but the numbers just aren’t stacking up their way.
FX Daily, March 9: Monday Meltdown
Overview: Equities plunged, and yields sank as the coronavirus threatens a global recession. The oil price war signaled by Saudi Arabia and Russia aggravates the desperate situation. Equities markets in the Asia Pacific region slumped 3-7%. The Shanghai Composite was fell 3%. The Nikkei was off by 5%, and Australia was hit among the hardest with a 7.3% loss.
Tags: austerity,competitiveness,Eurozone,Greece,Italy,leave,neuro,Northern Euro,optimum currency area,recession,seuro
