transferpricing

Any response that does not solve the underlying problem of lack of competitiveness in the periphery of the Euro Zone will obviously be insufficient. The forced austerity is a colossal waste of time: "the beatings will continue until moral improves".

They need to either go back to individual currencies which can float to resolve the imbalances, or they need to go to a full on fiscal union with a central fiscal authority, labor mobility, etc. Either option is painful and undesirable for member nations.

Every step they take pulls them a bit closer to fiscal union, kicking and screaming...



Edited 2 time(s). Last edit at Tuesday, July 26, 2011 at 07:53AM by Dwight.