That's not to say that Eurozone countries didn't do well either.
Not exact matches
You know on the one hand if a
country leaves the
Eurozone, and not like Britain
did but like an actual
country that's located directly in it like Italy or France, then the whole thing blows up because suddenly the credit markets go because at that point the credit rating for the European Union is different.
I think
countries within the
eurozone also should lift some of their controls to allow their economies to be freer, which would encourage growth, because Europe doesn't have a high - growth potential at the moment.
A key sign: Prices for government bonds of other heavily indebted
eurozone countries — such as Spain and Italy — are not suffering in sync with Greek bonds, as they
did before.
The solution in the
eurozone doesn't have to be a full - blown United States of the Eurozone but if it is to be successful it is likely to include most of the mechanisms that make other currencies work in countries such as the UK and
eurozone doesn't have to be a full - blown United States of the
Eurozone but if it is to be successful it is likely to include most of the mechanisms that make other currencies work in countries such as the UK and
Eurozone but if it is to be successful it is likely to include most of the mechanisms that make other currencies work in
countries such as the UK and the US:
That would be an even more dramatic and unprecedented event and there is no reason why Greece would want to
do that (on a formal level, neither leaving the
Eurozone nor the EU can legally be forced on a
country, what other members or institutions like the ECB can
do is be so uncooperative and make it so costly that the Greeks find themselves forced to take steps that effectively put them out).
«Of course
countries have got to make difficult decisions about their own public finances... but it's the open speculation from some members in the
eurozone about the future of some
countries in the
eurozone which I think is
doing real damage across the whole European economy.»
The EU probably felt like it had to react to the accusation that
Eurozone countries were paying for privileged Greek pensioners to retire at younger ages than everyone else, but these proposals have a lot more to
do with convincing international speculators about the future viability of the Euro than a serious plan for pensions policy.
Germany's finance minister, Wolfgang Schäuble is right to recognise rising wages in his
country can play a part in correcting these imbalances but monetary policy in the
Eurozone must also
do more.
I obviously don't envision actual
Eurozone bonds or funding — I prefer the described guarantee scheme (grafted on each
country's debt issuance programme).