Some argue the euro can be saved only at the price of sacrificing monetary stability. This would be a momentous mistake. Putting the European Central Bank’s printing presses to work might at best bring some short-term relief. But it would have dire consequences, both raising inflation and dissipating vitally important incentives for reform. In the end we would end up with a depreciated currency and an even more destabilised eurozone. The ECB’s independence and firm commitment to price stability are of paramount importance to Europe’s economy.
Guido Westerwelle, no FT
O pensamento alemão sobre a crise é muito fácil de resumir, sem a ameaça de catástrofe os PIGS nunca implementariam quaisquer reformas. Infelizmente, é possível e dramático que os boches tenham razão.
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