Tuesday, 13 September 2011

Review of Martin Wolf

Very useful review of the euro-crisis by Martin Wolf in the FT, here:

http://www.ft.com/intl/cms/s/0/fdb8cb90-ddf0-11e0-a391-00144feabdc0.html#axzz1XjGFU1Zi

We could not agree more with Wolf's assessment of the situation. We have been arguing persistently for a very long time, both here and at eforum21 that the German political and industrial elites should be candid with their workers about the true bases of European economic and monetary Union. What Wolf does not do - something on which we focus instead - is explain why the German elites are so reluctant to reveal the truth of the situation: - partly it is due to their own immediate economic interests; but part of it is due also to the "ideology" of "competition" and "markets" that these elites espouse (and so do those of other European member countries, which makes sensible policy even more difficult).

Wolf also insightfully stresses the "centrality" of the ECB in managing this "crisis" and how this growing role will only "politicise" it and undermine its "independence" - something to which we have given ample space at eforum21. 

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