A Quote by Barry Eichengreen
As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run.
Related Quotes
A country outside the euro zone cannot have a veto over countries in the euro zone.
We are keen to stress that a strong euro zone is good for a strong United Kingdom. It's not for us to write the changes that the euro zone needs to embark on.
Germany would be the biggest loser in a euro breakup.
You've got some very powerful countries: Poland, the United Kingdom, Sweden and others who have a genuine desire to see the euro zone straighten itself out. It's good for all of us, whether you're in the euro zone or not, to make sure that it doesn't lead to a fracturing.
The euro zone was driven by the neoliberal view that markets are always efficient. That in itself is political. There was no pressing economic need that the euro was required to solve, but leaders believed that it would foster growth.
There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany. Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred.
I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.
The euro zone must strike for a better governance structure, and there is no alternative to that. Euro zone countries must either develop an exit mechanism for troubled members, or it should embrace a closer political union: an effective governance structure that is capable of enforcing rules.
We [European countries] probably need to move forward together, each at their own speed. The faster ones, that could be the countries in the euro zone. The others would be those who are interested in the continued development of the common market, but reject the idea of an ever stronger political integration.
In the short-run, the market is a voting
machine - reflecting a voter-registration test that requires only
money, not intelligence or emotional stability - but in the long-
run, the market is a weighing machine.
In a scheme of policy which is devised for a nation, we should not limit our views to its operation during a single year, or even for a short term of years. We should look at its operation for a considerable time, and in war as well as in peace.
The euro is a great achievement. It's a symbolic achievement. But, the European constitution was a missed opportunity.
We link our future to the euro, to the euro zone, and to the European Union while being the nearest neighbor of the United Kingdom with, obviously, a common travel area and a very close working relationship with the U.K.
It is the entire euro zone system which is under threat at the moment, not just a few small countries anymore... Our euro is under threat. The changing situation needs a quick and immediate reaction.
The Greek people do not want to exit the euro. And I believe the Greek people already have shown that they have made major sacrifices to stay in the euro zone.
We must continue to liberalise the single market, cut red tape and basically create a digital single market. We have not completed the single market yet, there is not sufficient free movement of goods, labour, services and money. We have to keep on working at that against all the protectionist tendencies that we have right now.
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