"It's no accident that the countries with bubble and deficit problems have also lost labor competitiveness, especially within the eurozone (...) Without the currency safety valve, those countries will have to make deep wage cuts (...) Working out these problems could leave Europe stronger as a political institution. Just as the Great Depression forced the U.S. to impose a tighter federalism, today's economic crisis will likely force Europe into a closer union (...) Through the back door of an economic crisis, the euro zone might then get the kind of political governance that skeptics always warned was necessary for a currency union to work. At the end of the tunnel could be a more integrated Europe, reformed problem economies, and ultimately a more competitive Europe.", Stefan Theil na Newsweek ("The Euro Zone Won't Fail", de 15/02).
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