Matt O'Brien explains how the euro has been bad for Finland. When Nokia went toes up, 4% of Finland's GDP evaporated. That's a deep hole to dig out of. It points out a fundamental flaw in the EU currency union that has affected many of its constituent states. Some new mechanism needs to exist that somehow allows member states to devalue their economy in order to reset after localized recessions that does not require them to leave the euro completely.
No comments:
Post a Comment