November 27, 2010


I never signed on to the "Europe" fad--that the Treaty of Maastrict was going to usher in a new era of European unity, create an economic powerhouse to rival the United States, and that the euro was going to replace the dollar as the preferred medium of international exchange. We are now seeing a rolling series of sovereign debt crises--first Greece, now Ireland, with Spain and Portugal just around the corner. My view is there cannot be stable monetary policy without stable fiscal policy which in turn is impossible without political unity.

UPDATE: National Review has a post suggesting it is time for Ireland to cut the euro loose. What to replace it? The pound sterling, perhaps? Britian accounts for a quarter of Ireland's foreign trade . . .

Posted by LMC at November 27, 2010 11:41 AM | TrackBack

Suspicious types might suggest that your view was the point all along.

Posted by: Brian B at November 29, 2010 01:49 PM