Saturday, February 21, 2015

Lars P. Syll — Wynne Godley on the euro project

If Europe is not to have a full-scale budget of its own under the new arrangements it will still have, by default, a fiscal stance of its own made up of the individual budgets of component states. The danger, then, is that the budgetary restraint to which governments are individually committed will impart a disinflationary bias that locks Europe as a whole into a depression it is powerless to lift.
Lars P. Syll’s Blog
Wynne Godley on the euro project
Lars P. Syll | Professor, Malmo University

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