SAINT-PIERRE-D’ENTREMONT, FRANCE – European Monetary Union was never a good idea. I remember my surprise when, as a young assistant professor, I realized that I was opposed to the Maastricht Treaty. I believed then – and still do – that European integration is a very good thing. But the textbook economics I was teaching showed how damaging EMU could be in the absence of European fiscal and political union.
Nothing that has happened since has convinced me that the textbook was excessively pessimistic. On the contrary: it was far too optimistic. Life...
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