When you've lost Barry Eichengreen ...
I really worry when Barry Eichengreen -- perhaps America's most knowledgeable economist when it comes to E.U.-related issues -- begins saying things like this:
The Irish “rescue package” finalized over the weekend is a disaster. You can say one thing for the European Commission, the ECB and the German government: they never miss an opportunity to make things worse.
It pains me to say this. I’m probably the most pro-euro economist on my side of the Atlantic. Not because I think the euro area is the perfect monetary union, but because I have always thought that a Europe of scores of national currencies would be even less stable. I’m also a believer in the larger European project. But given this abject failure of European and German leadership, I am going to have to rethink my position.
There's much more at the link, and it gets more, not less, depressing.
Posted by: 54465446 | December 2, 2010 10:49 AM | Report abuse