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Friday, July 22, 2011

Joseph Stiglitz: Europe finally admits its debt problem to save the euro

Joseph Stiglitz: Europe finally admits its debt problem to save the euro Europe may have taken an historic step in its meeting on Thursday – it seems, for once, to have done more than “just kick the can down the road”. First, its leaders recognised that it is not just Greece that faces a problem; it is a European problem, which requires a European solution.

The euro was, at birth, an unfinished project; it took away two key instruments of adjustment – interest and exchange rates – and put nothing in their place. As President Nicolas Sarkozy has emphasised, this is a major step in correcting this deficiency, creating a European monetary fund.
http://link.ft.com/r/LVA6WW/FKDK94/GKXE28/TPRSF8/L9Q7MK/RF/h?a1=2011&a2=7&a3=22

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