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Title : Warning Institution Insider Economist: Crisis Coming For Euro
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Warning Institution Insider Economist: Crisis Coming For Euro

Kenneth Rogoff, Professor of Economics too Public Policy at Harvard University too recipient of the 2011 Deutsche Bank Prize inwards Financial Economics, who was the principal economist of the IMF from 2001 to 2003, too is forthwith leading the assault against cash, is alert that a crisis volition hitting the euro.

In a novel essay published at Project Syndicate, he writes  (my highlight):

It is forthwith fairly obvious that the euro was non necessary to the success of the EU, too instead has proved a massive impediment, every bit many economists on this side of the Atlantic had predicted. Eurocrats convey long likened European integration to riding a bicycle: i must proceed moving forrard or autumn down. If so, the premature adoption of the unmarried currency is best idea of every bit a detour through thick, moisture cement....

The interrogation forthwith is how to maneuver the European Union out of the moisture cement. Although many European politicians are loath to acknowledge it, the condition quo is likely non sustainable; eventually, there must travel either significantly greater financial integration or a chaotic break-up. It is astonishingly naive to intend the euro volition non confront farther real-life stress tests over the side past times side 5-10 years, if non sooner.

No doubt, Rogoff is alert nearly the developing crisis to promote "significantly greater financial integration" inwards the EU. He says such inwards the essay:

[E]urozone leaders would travel ameliorate off taking activeness now, rather than waiting for the unmarried currency’s side past times side instant of truth. 

But such integration activeness is rattling unlikely to travel on nether the introduce climate with the potent anti-EU attitude amongst a wide segment of the masses.

Establishment Plan B is manifestly to let the crisis to travel on too purpose the crisis to promote "significantly greater financial integration."

The Plan is, every bit Rogoff mightiness say, fix inwards thick moisture cement,

  -RW

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