The ECB – Ten years on, beware a porcine plot
«(…)The performance of these countries [Mediterranean quartet of Portugal, Italy, Greece and Spain] has by no means been the same. In recent years France has grown modestly, Greece and Spain have boomed, but Portugal and Italy have been stagnant. Yet in broad terms, all have been misled by a similar fallacy. This was that they could make strenuous efforts to qualify for the Euro, slashing spending costs and holding down wages and other costs, and then relax as soon as they got in. in effect, the Mediterranean group (…) treated the adoption of the Euro as the end of their reforms when it should have been only the start.
From the Economist’s printed version, June7th
«(…)The performance of these countries [Mediterranean quartet of Portugal, Italy, Greece and Spain] has by no means been the same. In recent years France has grown modestly, Greece and Spain have boomed, but Portugal and Italy have been stagnant. Yet in broad terms, all have been misled by a similar fallacy. This was that they could make strenuous efforts to qualify for the Euro, slashing spending costs and holding down wages and other costs, and then relax as soon as they got in. in effect, the Mediterranean group (…) treated the adoption of the Euro as the end of their reforms when it should have been only the start.
From the Economist’s printed version, June7th
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