It was French paranoia of US competitiveness that birthed the EU. Many understood early on it would fail. Many of these were not economists - Margaret Thatcher for example.
At ground zero - human nature. Karl Marx was wrong but the EMU’s architects, being the social democrats that they were, conveniently forgot that lesson.
Now they have made US bond holders very happy and caused equity types to wonder if they’ll see tomorrow.
Robert Craven
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