In this time of crisis, the usual critics of the return to Europe the front of the stage: they want to return to our national currency, the Franc. Objective: To make our economy more competitive through the magic of leverage competitive devaluation which is the economy what oil is cod liver medicine. These knights Community of the Apocalypse and pretend the problem background of a global economy struggling with a financial capitalism that obviously no control by simply breaking the thermometer, that is to say the euro . And on this issue as on many others, the comparison between France and Germany remains particularly instructive.
In 1960, Franc and Mark were at parity. On 1 January 2002, the arrival of the euro, it was worth 1.95583 6.55957 and Mark Franks. Thus, where in 1960 they bought a Mark with 1 Franc, 31 December 2001 he had become 3.35 francs to buy a Mark. And France, which has used and abused these competitive devaluations was left in the wake of a Germany that was careful not to remedy this Doctor Knock. Remember that even when the birth of the euro, it was worth 1.17 dollar after peaking at 1.50, its value remains greater than 1.30 dollar. The euro did not collapse.
This finding should not exempt us from a clear analysis.
The creation of the euro would logically have been accompanied by a convergence or a social and fiscal harmonization. The political and ideological divisions there have not helped: a right which wants to reduce Europe to a free trade area and left in favor of federal approaches, but disabled on the left side of his left by supporters of Europe into the big night as undesirable as possible.
The problem of abysmal public debt must be resolved and can not be satisfied with a simple mechanical contraction of spending that threatens the return of strong growth. The launch of eurobonds in this respect is one possible solution because such an instrument - a powerful bond market under community control - would prevent the market to play the euro zone states against each other. Pavlovian rejection of Merkel and French pout but support the Social Democrats in Germany ...
Then Europe Will it grow as it has done so often? In the crisis? The trio Sarkozy-Merkel-Cameron, however, obliges to temper optimism, however moderate.
In 1960, Franc and Mark were at parity. On 1 January 2002, the arrival of the euro, it was worth 1.95583 6.55957 and Mark Franks. Thus, where in 1960 they bought a Mark with 1 Franc, 31 December 2001 he had become 3.35 francs to buy a Mark. And France, which has used and abused these competitive devaluations was left in the wake of a Germany that was careful not to remedy this Doctor Knock. Remember that even when the birth of the euro, it was worth 1.17 dollar after peaking at 1.50, its value remains greater than 1.30 dollar. The euro did not collapse.
This finding should not exempt us from a clear analysis.
The creation of the euro would logically have been accompanied by a convergence or a social and fiscal harmonization. The political and ideological divisions there have not helped: a right which wants to reduce Europe to a free trade area and left in favor of federal approaches, but disabled on the left side of his left by supporters of Europe into the big night as undesirable as possible.
The problem of abysmal public debt must be resolved and can not be satisfied with a simple mechanical contraction of spending that threatens the return of strong growth. The launch of eurobonds in this respect is one possible solution because such an instrument - a powerful bond market under community control - would prevent the market to play the euro zone states against each other. Pavlovian rejection of Merkel and French pout but support the Social Democrats in Germany ...
Then Europe Will it grow as it has done so often? In the crisis? The trio Sarkozy-Merkel-Cameron, however, obliges to temper optimism, however moderate.
0 comments:
Post a Comment