Vicky Pryce

Nota: Este archivo abarca los artículos publicados por el autor desde el 1 de mayo de 2009. Para fechas anteriores realice una búsqueda entrecomillando su nombre.

Despite the rhetoric, Angela Merkel’s speech to the Bundestag on Friday did not announce a fiscal union. What it did reveal was an understanding that the euro was created without two elements that are required if it is to survive.

The first is an institutional framework that would produce “convergence” between its members’ economies – in other words, an effective means of bringing closer together the economic performances of countries with wildly different industrial structures and quite different levels of productivity and competitiveness. The second is a lack of institutional arrangements to deal with crises: no lender of last resort, no expectation that the European Central Bank would have a role other than controlling inflation by setting a single interest rate.…  Seguir leyendo »