TCS Daily – The Euro’s Day of Reckoning:
Within the constraints of a currency union, the Mediterranean countries cannot resort to currency devaluation to restore competitiveness. Nor can they use interest rate policy to stimulate domestic demand. Instead, the rules of the currency union require them to endure deflation or to increase productivity as the only means of restoring their eroded competitiveness.
Interesting article on the consequences of increasing Euro valuation.
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