A Quote by Stephen Harper
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.
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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.
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.
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.
There is a very serious fiscal-policy question of, 'Are we running our overall fiscal policy such that we as a government can pay our bills?'
Concerning the common currency: today, the euro is not worth it for Poland. The reason why we survived the financial and economic crisis quite well is that we have a national currency. This will not change in the near future.
There is a big divergence between views on a variety of policy issues from fiscal stimulus to financial regulation. It's my hope and my ambition for the economics profession that as we advance our knowledge, that those discussions will narrow in their focus, and that it will help to have more prudent policy-making down the road.
In stabilizing the macroeconomic environment, we have focused on aligning fiscal with monetary policy and nudging the central bank toward the objective of more market-determined exchange rates.
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
Fiscal policy, monetary policy, they need to work together to try and raise the level of growth.
If European monetary policy is run according to German interests, huge structural imbalances will accumulate. The Germans will then either have to pay to correct those imbalances or agree that the euro should not be run primarily according to German interests. If they are unwilling to do either of those things, the euro can't survive.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
We need sobriety, rationality, and civility in the discussions on the regulation of financial institutions so that the banks can return in a robust manner to their central role in funding the economy.
If we have a common currency, the main regulator for policy in the country is the fiscal policy.
If a Chancellor is trying to push something through, he must be a man of power. And if he's smart, he knows when the time is ripe. In one case - the euro - I was like a dictator... The euro is a synonym for Europe.
A national currency, with the Euro as a common currency - that wouldn't bother me.
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