Was the Euro not a leftist Franco-German scheme to subjugate Europe from the beginning? It was not intended to be a successful monetary scheme for all the reasons you have outlined. The outcome is its reason for being. Perhaps it is working too well….
Hard to believe we are still debating Target 2 balances in 2025! Sure, if the euro area falls apart the monetary balances between countries, which quite obviously must exist in a monetary union, become a fiscal balance. Wouldn't that be the same if California were to secede from the US and the Fed system?
Seems to me that even readers with more than average understanding of economics will find this essay difficult to follow.
Suggestion: write a primer to the article.
“explain that really slowly using small words and no acronyms.” What a concept! I love it. Might add “concisely”.
Was the Euro not a leftist Franco-German scheme to subjugate Europe from the beginning? It was not intended to be a successful monetary scheme for all the reasons you have outlined. The outcome is its reason for being. Perhaps it is working too well….
Fascinating stuff. I propose having consumption-linked perpetuities on the ECB balance sheet: https://gideonmagnus.medium.com/the-case-for-consumption-linked-perpetuities-in-the-eurozone-557779ece710
Thanks - I’ll buy the book
Hard to believe we are still debating Target 2 balances in 2025! Sure, if the euro area falls apart the monetary balances between countries, which quite obviously must exist in a monetary union, become a fiscal balance. Wouldn't that be the same if California were to secede from the US and the Fed system?