A Quote by George Will
The euro currency both presupposes and promotes a fiction - that 'Europe' has somehow become, against the wishes of most Europeans, a political rather than a merely geographic expression.
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Thanks to the euro, our pockets will soon hold solid evidence of a European identity. We need to build on this, and make the euro more than a currency and Europe more than a territory... In the next six months, we will talk a lot about political union, and rightly so. Political union is inseparable from economic union. Stronger growth and Euorpean integration are related issues. In both areas we will take concrete steps forward.
Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
At the time of the formation of the euro, I would say most American economists said that's not a good idea; that's not a currency area that makes sense. And the answer from Europe was, 'How is Missouri and Mississippi a currency area?' But the flaw in that was not recognizing the importance of mobility.
The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
Is Europe going to be breaking? I don't think so. I think the euro will stay. I think at the end of the day Europeans will find the solutions in order to hold Europe together.
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.
Two decisions have damaged the stability both of the euro and of Europe: the premature admission of Greece to the euro area and the breach and subsequent weakening of the stability and growth pact.
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 no better protection against the euro crisis than successful structural reforms in southern Europe.
It [the Euro] is a decisive step towards ever closer political and institutional union in Europe. Above all, it is political.
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.
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 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.
I think that Europe has to get its act together very quickly. The Belgian guy who's leading the negotiations against Brexit, he sees it as a whole chance to reboot Europe and reclaim the kind of social mission of Europe from all this corporate, bureaucratic, globalist stuff that has got into, building Europe for the people rather than the banks, again.
Almost no one as I think most leadership books are a joke. They are, as I note in Leadership BS, frequently based on wishes and hopes rather than reality, on inspiring stories rather than systematic social science, and on "oughts" rather than "is."
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