Thursday , August 11 2022
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Contra Euro 1/N

Summary:
I have discovered that there are still people who think that adopting the Euro was a good idea, or at least not a bad idea, or at least not a catastrophe. They seem to have decided that the Greek fiscal tragedy is a minor issue. I will leave it out of the discussion. My view is that the Euro *and* the Stability and Growth Pact have worked together to endanger the project of European integration. There are strange developments of far right, far left, and weird hair political movements replacing the centrists and social democrats who dominated Europe until it adopted the Euro. They all have something in common — hostility to the European Commission, Eurocrats, and elite technicians (who do not have a clue about technique). European Populism

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I have discovered that there are still people who think that adopting the Euro was a good idea, or at least not a bad idea, or at least not a catastrophe.

They seem to have decided that the Greek fiscal tragedy is a minor issue. I will leave it out of the discussion.

My view is that the Euro *and* the Stability and Growth Pact have worked together to endanger the project of European integration. There are strange developments of far right, far left, and weird hair political movements replacing the centrists and social democrats who dominated Europe until it adopted the Euro. They all have something in common — hostility to the European Commission, Eurocrats, and elite technicians (who do not have a clue about technique).

European Populism is powerful because it is a reaction to extreme anti-democratic Eurocrat elitism.

I will try to calm down a bit and write about the huge economic costs of the Euro, the addtional costs of the Growth and Stability Pact, and the huge political costs of arrogant elitism (hence the 1/N)

Robert Waldmann
Robert J. Waldmann is a Professor of Economics at Univeristy of Rome “Tor Vergata” and received his PhD in Economics from Harvard University. Robert runs his personal blog and is an active contributor to Angrybear.

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