I've been musing about the arc of the currency issues evolving in the EU, and given the recent insistence from key leaders that Greece (et al, presumably) should remain in the EU, I wonder if the solution will be to create a new currency, a sort of euro-junior, for use in a tier of EU states to be relegated as the EU farm league. This currency would be able to adjust against the euro, thereby provide relief for failed aspirants to EU financial discipline. The EU-cadet states would then retain many EU benefits, while the number of currencies could remain low, however many states found themselves sent down from the majors due to a prolonged slump, thus keeping the overall bookkeeping relatively simple. The currency would persist regardless of the comings and goings of members of the B-team.
This strategy could provide a flexibility to the financial configuration, allowing both a breathing space, taking away the urgency for an all encompassing solution, and providing room for playing about with various mechanisms to improve the overall EU monetary system. -Pete _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
