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5 years ago
Sunday, June 10, 2012
The accidental empire | New Europe
The accidental empire | New Europe . IRRESPONSILITY is ...The details differ, but the idea is the same: creditors are shifting the entire burden of adjustment onto debtors, while the “center” avoids its own responsibility for the imbalances. Interestingly, the terms “center” and “periphery” have crept into usage almost unnoticed. Yet, in the euro crisis, the center’s responsibility is even greater than it was in 1982 or 1997: it designed a flawed currency system and failed to correct the defects. In the 1980’s, Latin America suffered a lost decade; a similar fate now awaits Europe.
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. IRRESPONSILITY is ...The details differ, but the idea is the same: creditors are shifting the entire burden of adjustment onto debtors, while the “center” avoids its own responsibility for the imbalances. Interestingly, the terms “center” and “periphery” have crept into usage almost unnoticed. Yet, in the euro crisis, the center’s responsibility is even greater than it was in 1982 or 1997: it designed a flawed currency system and failed to correct the defects. In the 1980’s, Latin America suffered a lost decade; a similar fate now awaits Europe.
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