Melhor Europa

Much of the discussion about how to impose more convergence among member states of the eurozone has focused on what national governments should do to avoid divergent developments in a number of macroeconomic variables (competitiveness, current account imbalances). Without denying that national governments bear part of the responsibility, the role of these governments has been over-emphasised. Conversely the role of the monetary authorities, in particular the ECB, has been under-emphasised.

Paul De Grauwe