Yep. Though I do think the nature of the European state, unlike the American state, makes developing a consensus harder. And yes, right now I think its about discipline. ----- Original Message ----- From: "Doug Henwood" <[EMAIL PROTECTED]> To: <[email protected]> Sent: Monday, January 31, 2005 12:48 PM Subject: Re: [PEN-L] Deficits, the Dollar, and IEDs
> Sam Gindin wrote: > >>In any case, germany and France are >>compalining about the strong Euro, not revelling in it. > > Depends on what you mean by "Germany" and "France." If significant > portions of the ruling classes of those countries objected to ECB > policy, ECB policy would change. But elites like the tightness since > it may provoke structural reforms. The National Association of > Manufacturers whined about the high dollar in the U.S. during periods > of dollar strength, all to no avail, because Wall Street and much of > the Fortune 500 liked it just fine. > > Doug >
