The long term Euro solution

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A topic from News & Current Affairs: Political

laresSat 29/10/11 15:17

"US history holds key to resolution of eurozone debt crisis, Nobel laureates say"

"AFP - The American winners of this year's Nobel prize in economics said Tuesday that the solutions to the eurozone crisis are clear, economically, and the issue is mainly political.

New York University's Thomas Sargent, who with Princeton University colleague Christopher Sims captured the annual prize for economics, said the history of the founding of the United States shows what the issues and solutions are. "There are no new issues in economic theory with Europe and the euro... the difficult thing is the politics," Sargent told a news conference in Princeton.

"In the 1780s, the United States is a basket case," he said, with 13 sovereign governments -- the 13 original states -- each of which could raise taxes and print money.

Meanwhile, he said, the new country had a very weak center, not having yet established a central bank or gained taxing power. "Does this remind you of anything?... They (the states) all have debt, and the center has debt. Like eurobonds, they are going at deep discount."

Sims said the crisis of the European Monetary Union, focused now on Greece's inability to service its debts, and with two other members, Ireland and Portugal, in tough bailout programs, was predictable -- and that he had predicted it."

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