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This crisis cannot be resolved while monetary union remains - Telegraph - 1 views

www.telegraph.co.uk/...le-monetary-union-remains.html crisis while union remains Olivier Blanchard
shared by Gene Ellis on 19 Apr 12 - No Cached
  • Gene Ellis on 19 Apr 12
     
    important piece quoting Olivier Blanchard
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Crippled eurozone to face fresh debt crisis this year, warns ex-ECB strongman Axel Webe... - 0 views

www.telegraph.co.uk/...-ECB-strongman-Axel-Weber.html
shared by Gene Ellis on 24 Jan 14 - No Cached
  • Crippled eurozone to face fresh debt crisis this year, warns ex-ECB strongman Axel Weber
  • Harvard professor Kenneth Rogoff said the launch of the euro had been a "giant historic mistake, done to soon" that now requires a degree of fiscal union and a common bank resolution fund to make it work, but EMU leaders are still refusing to take these steps.
  • "People are no longer talking about the euro falling apart but youth unemployment is really horrific. They can't leave this twisting in wind for another five years," he said.
  • ...8 more annotations...
  • Mr Rogoff said Europe is squandering the "scarce resource" of its youth, badly needed to fortify an ageing society as the demographic crunch sets in.
  • "If these latent technologies are not realised, Europe will wake up like Rip Van Winkel from a long Japan-like slumber to find itself a much smaller part of the world economy, and a lot less important."
  • Mr Rogoff said debt write-downs across the EMU periphery "will eventually happen" but the longer leaders let the crisis fester with half-measures, the worse damage this will do to European society in the end.
  • Mr Weber, who resigned from the Bundesbank and the ECB in a dispute over euro debt crisis strategy, said new "bail-in" rules for bond-holders of eurozone banks will cause investors to act pre-emptively, aiming to avoid large losses before the ECB issues its test verdicts. "We may see that speculators do not wait until November, but bet on winners and losers before that," he said.
  • Sir Martin said the eurozone is pursuing a reverse "Phillips Curve" - the trade off between jobs and inflation - as if it were testing "what level of unemployment it is prepared to tolerate for zero inflation".
  • Pierre Nanterme, chairman and chief executive officer of Accenture, said Europe is losing the great battle for competitiveness, and risks a perma-slump where debt burdens of 100pc of GDP prevent governments breaking free by investing in skills and technology.
  • He said Europe is falling further behind as the US basks in cheap energy and pours funds into cutting-edge technology. "A lot is at stake. If in 12 to 24 months no radical steps are taken to break the curse, we might have not just five, ten, but twenty years of a low-growth sluggish situation in Europe," he said.
  • "People are no longer talking about the euro falling apart but youth unemployment is really horrific. They can't leave this twisting in wind for another five years," he said
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My grovelling apology to Herr Schäuble - Telegraph Blogs - 0 views

blogs.telegraph.co.uk/...lling-apology-to-herr-schauble
shared by Gene Ellis on 30 Sep 13 - No Cached
  • It was unconscionable of me to say that Germany has locked in a semi-permanent trade advantage over Club Med, or for saying that the trying to close this gap by imposing deflation on the South is impossible because this will play havoc with debt dynamics.
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Britain's negotiating hand in Europe has never been as strong before - Telegraph - 0 views

www.telegraph.co.uk/...ver-been-as-strong-before.html
shared by Gene Ellis on 13 Dec 13 - No Cached
  • Events are moving very fast in Europe, overtaking the debate in Britain
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Nobel economists say policy blunders pushing Europe into depression - Telegraph - 0 views

www.telegraph.co.uk/...ng-Europe-into-depression.html
shared by Gene Ellis on 18 Feb 15 - No Cached
  • Nobel economists say policy blunders pushing Europe into depression
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Greece threatens tilt to Russia and China unless Europe yields - Telegraph - 0 views

www.telegraph.co.uk/...hina-unless-Europe-yields.html
shared by Gene Ellis on 18 Feb 15 - No Cached
  • Greece threatens tilt to Russia and China unless Europe yields
  • Greece's radical new government has threatened to seek money from Russia and China to avert a financial crisis rather than yield to austerity demands from Europe,
  • the defence minister
  • ...2 more annotations...
  • Nikos Chountis, Greece's deputy foreign minister, said on Tuesday that Russia and China had already offered financial support to the country.
  • Cyprus has already caused a political storm by offering to expand Russian access to its ports and airfields – including “military facilities” - though it has stopped short of offering full military bases.
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For the third time in a century, America will have to ride to Europe's rescue - Telegraph - 0 views

www.telegraph.co.uk/...to-ride-to-Europes-rescue.html
shared by Gene Ellis on 18 Feb 15 - No Cached
  • For the third time in a century, America will have to ride to Europe's rescue
  • For the third time in a century, America will have to ride to Europe's rescue
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Dismantle the euro, says Nobel-winning economist who once backed currency union - Teleg... - 0 views

www.telegraph.co.uk/...nce-backed-currency-union.html
shared by Gene Ellis on 13 Dec 13 - No Cached
  • Dismantle the euro, says Nobel-winning economist who once backed currency union
  • “The euro should either be dismantled in an orderly way or the leading members should do the 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.
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