The creation of a "United States of Europe" has been seen as a necessary step to insulate the eurozone from the financial contagion that bought it to its knees after 2010. It is a view shared by Mr Blanchard's successor at the IMF, American Maurice Obstfeld, who has championed deeper eurozone integration as the best way to plug the institutional gaps in EMU. Mr Blanchard, however, said no institutional fixes would bring back prosperity back to the single currency. Without the power to devalue their currencies, peripheral economies would forever be forced to endure "tough adjustment", such as slashing their wages, to keep up with stronger member states, he said. In this vein, Mr. Blanchard dismissed any talk of a growth "miracle" in Spain - which has been hailed as a poster child for Brussels' austerity diktats. He added he was "surprised" that sluggish eurozone economies were not doing better in the face of a cocktail of favorable economic conditions. "When people talk about the Spanish miracle, I react. When you have 23pc unemployment and 3pc growth, I don't call this a miracle!!!!!!!!" "I thought that the zero interest rate, the decrease in the price of oil, the depreciation of the euro, the pause in fiscal consolidation, would help more than they have", he said. I don't want to leave the EU because "there are technocrats I don't like." I want to leave because it is the only way DEMOCRACY will be restored to Romania ! I do not want foreign politicians and foreign bureaucrats making laws which will be imposed on me when our own Government has opposed them because they are not in our interests. I want the ability to vote OUT the people who make the laws. The issue is SOVEREIGNTY and DEMOCRACY.
Access Investments-Building Awareness - European Union-ROMANIA
Wednesday, October 21, 2015
The creation of a "United States of Europe" has been seen as a necessary step to insulate the eurozone from the financial contagion that bought it to its knees after 2010. It is a view shared by Mr Blanchard's successor at the IMF, American Maurice Obstfeld, who has championed deeper eurozone integration as the best way to plug the institutional gaps in EMU. Mr Blanchard, however, said no institutional fixes would bring back prosperity back to the single currency. Without the power to devalue their currencies, peripheral economies would forever be forced to endure "tough adjustment", such as slashing their wages, to keep up with stronger member states, he said. In this vein, Mr. Blanchard dismissed any talk of a growth "miracle" in Spain - which has been hailed as a poster child for Brussels' austerity diktats. He added he was "surprised" that sluggish eurozone economies were not doing better in the face of a cocktail of favorable economic conditions. "When people talk about the Spanish miracle, I react. When you have 23pc unemployment and 3pc growth, I don't call this a miracle!!!!!!!!" "I thought that the zero interest rate, the decrease in the price of oil, the depreciation of the euro, the pause in fiscal consolidation, would help more than they have", he said. I don't want to leave the EU because "there are technocrats I don't like." I want to leave because it is the only way DEMOCRACY will be restored to Romania ! I do not want foreign politicians and foreign bureaucrats making laws which will be imposed on me when our own Government has opposed them because they are not in our interests. I want the ability to vote OUT the people who make the laws. The issue is SOVEREIGNTY and DEMOCRACY.
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