Much has been written by pundits and organizations about the causes and consequences of the current eurozone crisis. Some defended the idea that poor banking regulation results in speculation and bubbles; others that Germany is guilty of increasing its productivity while keeping real wages almost constant during the last 10 years, thus boosting its exports while financially hurting other eurozone members because of the balance of payments; a third one, and maybe the most popular, is that public debt was financed by banks until reaching an unsustainable level. All of them are true. The pr...
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