A Quote by Amity Shlaes
Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
Related Quotes
I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.
For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our currency has already pegged to the euro since 2002. We don't have an independent monetary policy. We are regulated by the European Central Bank in Frankfurt, but we are not able to reap all the profits. Our businesses want to save the transaction costs.
The reality is that the Republican Party may have unified government but is not unified enough on many major signature policy areas.
A single currency entails a fixed interest rate, which means countries can't manage their own currency to suit their own needs. You need a variety of institutions to help nations for which the policies aren't well suited. Europe introduced the euro without providing those structures.
There is a proposal to divide the currency zone into a north and a south euro. There is also the idea of setting up a core monetary union in the middle of Europe. I disapprove of these debates. Instead, we should devote all of our efforts to supplementing the monetary union with a political union.
A European currency will lead to member-nations transferring their sovereignty over financial and wage policies as well as in monetary affairs... It is an illusion to think that States can hold on to their autonomy over taxation policies.
France had a policy, initiated by General de Gaulle, of trying to turn Europe into what was then called a 'third force,' independent of the two superpowers, so Europe should pursue an independent course.
The fact that we're going through a crisis is an opportunity for Europe to be more coordinated and more integrated. We're actually talking about a European Monetary Fund or euro bonds, about guarantees for countries, about economic governance in the European Union. That shows the strength of Europe.
The euro is not a currency. It is a political weapon to force countries to implement the policies decided by the E.U. and keep them on a leash.
One shouldn't pursue the wrong policies just because one is afraid of not being reelected. Those who intend to govern have to take responsibility for their countries and for Europe as a whole. This means, if need be, that they have to pursue the right policies, even if many voters think they are the wrong ones.
Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are therefore needed, and establishing a G-11 with an effective role for the IMF provides the viable way forward.
There is one unity, unified wholeness, total natural law, in the transcendental unified consciousness.
We have the EURO as a currency, which means a lot. It has not just stabilized the situation in Kosovo politically and economically, but also facilitated the direct contact that we have with Europe.
Giving Northern Europe a veto over Southern Europe's budgets will not hold a monetary union together. The euro zone will continue to need the weaker countries to stomach decades of high unemployment to grind down wages.
Our future begins on January 1 1999. The euro is Europe's key to the 21st century. The era of solo national fiscal and economic policy is over.
Many emerging countries are facing the same issue of overheating and inflation because they have been vigorously expanding fiscal and monetary policy to counter the 2008 shock.
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