Bordo, Michael, Jonung, Lars & Markiewicz, Agnieszka.
The single European currency is the first of its kind – a union where monetary policy is decided centrally and fiscal policy decided nationally – something that many argue is the root cause of its troubles. This column looks to history to find examples of federal states with a common currency but without the frailties currently being exposed in the Eurozone. The main lesson: No bailouts.
Πηγή: Voxeu