You’ll be delighted to know, today I post the first Piigsty Publication.
The title: “Does the current crisis pose a serious challenge to the future of the euro?”
Its not short (40 odd pages) but its well worth the read.
Since the onset of the current banking and sovereign debt crises in the EU, debate over the future of the European single currency has become hugely contentious. In some analyses, hysteria has replaced sound common sense with some commentators actively promoting misunderstanding of the wider European project. The debate over the euro’s survival has therefore long become a misguided one based on false assumptions and poorly researched conclusions.
This essay aims to dispell some myths and provide all the necessary facts. The basic conclusion? The euro never made economic sense, nor was it ever really meant to. The euro is about pure European politics. As John Stuart Mill said, multi-nation currency unity is the penultimate result of a process of ‘political improvement,’ a development which is inherently imperfect. Problem with the euro is that is was attempted at some unknown fuzzy middle stage of ‘political improvement’ in Europe…not as as end result. The consequences are plain for us to see.
PIIGSty Publication #1 – The Current Crisis and the Euros Survival