Monday, December 16, 2013

Nobel Prize Winning-European Economist Who Was Passionately Pro-Euro Says End the Currency or Make it Growth-and-Job-Friendly

Sir Christopher Pissarides

Sir Christopher Pissarides on the future of the currency he once championed:
The euro should either be dismantled in an orderly way or the leading members should do what’s necessary as fast as possible to make it growth and employment friendly. We will get nowhere plodding along with the current line of ad hoc decision-making and inconsistent debt-relief policies. (Compare, for example, Cyprus and Greece, where the source of problem was similar but the solution very different). The policies pursued now to steady the euro are costing Europe jobs and they are creating a lost generation of educated young people. This is not what the founding fathers promised.
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