tag:blogger.com,1999:blog-5713178645208582139.post2461658881483618279..comments2024-03-17T03:26:42.785-05:00Comments on Macro Musings Blog: The Future of the Euro (Part III)David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5713178645208582139.post-7458485429157929002008-12-13T11:29:00.000-06:002008-12-13T11:29:00.000-06:00Maybe because Eichengreen so badly wants a bigger ...Maybe because Eichengreen so badly wants a bigger Euro area, he fails to propose a simpler counterfactual.<BR/><BR/>What if those East European banks had simply borrowed in their own currency, rather than the Euro (or Swiss Franc). Then, the full backing of the lender of last resort facility of their own central banks would have been available, and a crisis likely averted or at least mitigated.<Anonymousnoreply@blogger.com