tag:blogger.com,1999:blog-5713178645208582139.post859736521174976173..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: Will the Euro Survive?David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5713178645208582139.post-91395009305260570432008-12-07T04:11:00.000-06:002008-12-07T04:11:00.000-06:00I would be horrified if the UK joined the Euro. It...I would be horrified if the UK joined the Euro. It seems, last week, as thought the Machiavellian figure of Lord Peter Mandelson is skulking around the corridors of Brussels in an attempt to surreptitiously shoehorn us into the single currency. <BR/><BR/>Everything that has been achieved in "The European Project" has been achieved by subterfuge, deceit, stealth and trickery, and always in the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-72039454958875368352008-11-12T14:03:00.000-06:002008-11-12T14:03:00.000-06:00ECB,I don't have it posted, but will be glad to se...ECB,<BR/><BR/>I don't have it posted, but will be glad to send you a copy. Email me at david.beckworth@gmail.com.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-65012925542881779052008-11-10T11:12:00.000-06:002008-11-10T11:12:00.000-06:00Interesting. Is the paper available on the web? So...Interesting. Is the paper available on the web? So you are putting forward the idea that the US is not an optimal currency area. One big difference with the eurozone is that fiscal policy is more unified here in the US, and of course labor flows are easier. But the housing slump is crimping that labor fluidity unfortunately.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-71894450404568810822008-11-10T08:17:00.000-06:002008-11-10T08:17:00.000-06:00ECB,just to be clear, in my paper I argue that the...ECB,<BR/><BR/>just to be clear, in my paper I argue that the rustbelt region--not Michigan specifically--could benefit from having its own currency. <BR/><BR/>Regarding your question, I think a reasonable view is that there is more support for the U.S. Dollar currency union than the Euro currency union. As I recall, there was some Italian offical a few years back questioning the Euro. There David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-48504678495648499292008-11-10T07:56:00.000-06:002008-11-10T07:56:00.000-06:00ECB,One wonders if Michigan would have been better...ECB,<BR/><BR/>One wonders if Michigan would have been better served by having its own currency over the past decade or so. Not that it would solve all the structural problems, but it surely would have lowered its real exchange rate. I have a paper where I actually argue as much.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-82010114205600880312008-11-10T07:48:00.000-06:002008-11-10T07:48:00.000-06:00I am confused about what the widening interest spr...I am confused about what the widening interest spread on Spanish and Italian bonds has to do with anything. I would think Michigan bonds have a "widening spread" over Texas bonds but that does not lead me to expect Michigan to abandon the dollar anytime soon.Anonymousnoreply@blogger.com