The role of the euro as debt disease carrier

Patrick Barron: open quoteContrary to the euro-federalists’ claims, the euro does not help the sick countries of Southern Europe get healthier. It is more instructive to think of the euro as the carrier of the debt disease of the southern tier countries in Europe to the healthier northern tier countries. A fiscal union would enshrine this process as a classic socialist policy with classic socialist results; i.e., capital will be plundered in all eurozone countries until it is exhausted.close quote

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