There has been a lot of debate on the European crisis and the eurozone’s future. Some pundits wrote about the possibility of a European war, and Nicolas Sarkozy even compared a possible eurozone failure with the end of the world as we know it. It is not a surprise that, even with competent economists, we still have problems with basic economic policy. Paraphrasing one of Bill Clinton’s campaign mottos, “it’s the politicians, stupid.”The fact is that the economic system’s behavior is determined at the political level, as nowadays there is no real e...
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