Martin Wolf is on form in the FT this morning, with his arguments on the Eurocrisis as pertinent as ever. as the email summary of his argment puts it:
A return to external and internal balance in crisis-hit coutnries cannot be achieved without higher spending and inflation in the core.
I agree. And note it is both higher spending and inflation.
This argument is critical, and right.
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This Eurocrisis is the problem. And here comes their solution: “European Commission President Jose Manuel Barroso has said member states must agree to a big common budget, a future banking union and – ultimately – political union in order to save the EU.” – EUObserver.com (http://euobserver.com/18/116605 ). And all while the public’s attention is on the EURO 2012 football championship and Olympics.