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A simple proposal, explained

In a previous post I described my proposal for dealing with the eurozone crisis. Although the proposal is fairly simple, I could elaborate on some of its parts and explain the rationale behind it. Price stability Price stability is the Eurosystem’s primary objective. The ECB has vehemently proclaimed that its actions have served and continue … Continue reading


A gory chart that says it all. Italy and Spain sink in Q4.   The presented accounts consist almost entirely of TARGET2 liabilities. We’ll have to wait for the 2011 annual reports to be published to know the exact figures. Till then, images from Italy’s shores give us an idea of how things look like … Continue reading