European Perspective

6 10 2008
Some national sides of euro coins

It’s interesting to watch Europe grapple with the global finance fiasco.  Until today I had not given a lot of thought to the much more complex policy environment they face with regard to the Euro.  They have a single currency, yet no single government body nor bank to manage associated monetary policy.  So, “internally” coordinated responses are nearly impossible.  Milton Friedman once said the Euro was unlikely to survive its first recession.  This will be another interesting dynamic to watch.

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