Hi Barry. Great piece, as always. But you say the @ecb does not publish minutes. That has changed:https://www.ecb.europa.eu/ecb/history/archive/agendas/html/index.en.html …
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The Euro is done....the cost you talk of is short-term versus the long-term cost of staying in a system of strangulation...
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e.g. the Bank of Italy would gradually collect euros converted by citizens to pay taxes and public services
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If exiting country does not convert bank deposits but just spends and taxes in new currency, repaying T2 debt is affordable
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There are no provisions for kicking a country out of the EU for defaulting on Target2 obligations. What are you referring to?
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the aim should be a EU w/o Euro based on floating E/R. I think that
@kevinhorourke nails it here:https://www.project-syndicate.org/commentary/eurozone-failed-experiment-by-kevin-o-rourke-2015-07 …Thanks. Twitter will use this to make your timeline better. UndoUndo
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and whiles it currently convenient to all, it may not be in the future.
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fiscal policy, banking system, and interest rates. Outsourcing the those makes leaving or staying a matter of convenience
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a sovereign state backed by a military, which can impose its monopoly control on the determinants of a currency's value....
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i have my long terms doubts. No multilateral institutional arrangements can make up for what truly backs a currency:
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