Quotes: Favorites Quotes: Author Quotes: Topics Quotes: Collection Sig Services Blueprint Results Process Contact
Background Image
In the 20 years before greece end up with the euro, efforts to improve competitiveness through exchange rate and adjustments resulted only in temporary gains of competitiveness.
-Lucas Papademos
Please Wait....
Translating....

In The 20 Years Before Greece End

Lucas Papademos
In the 20 years before greece end up with the euro, efforts to improve competitiveness through exchange rate and adjustments resulted only in temporary gains of competitiveness.
Views: 10
Cite this Page
Prevent plagiarism by providing proper attribution.
APA FORMAT
Embed this Quote
Copy this HTML code to embed the quote on your website or blog.
HTML CODE
Topic
Years Effort Gains

More From Lucas Papademos

The lesson for asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. but a pegged exchange rate with a central bank is a recipe for trouble.
Recipes Want Asia
If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. if it's an unattractive place, it will have a relatively low exchange rate. those are the fundamentals that determine the exchange rate in a floating exchange rate system.
Country Floating Fundamentals
I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. that can only work in the longer-term. i want euro bonds to be used to finance targeted investments in future-oriented growth projects. it isn't the same thing. let's call them 'project bonds' instead of euro bonds.
Country Growth Debt
Italy may well be the main problem. it has benefited most from the euro by having been able to get the euro interest rate instead of what otherwise would have been its own. that would be much higher because italy has been accumulating so much debt. in the past, italy has inflated away its debt. the virtue of the euro is that italy can't do it alone. a tight ecb policy wouldn't permit that to happen again.
Past Would Be Debt
The problem is that, in a world of floating exchange rates, as italy was before the euro, if one country is subjected to a shock which requires it to cut wages, it cannot do so with a modern kind of control and regulation system. it is much easier to do it by letting the exchange rate change. only one price has to change, instead of many.
Country Cutting Floating
Germans tend to forget now that the euro was largely a franco-german creation. no country has benefited more from the euro than germany, both politically and economically. therefore what has happened as a result of the introduction of the euro is largely germany's its responsibility.
Country Responsibility Germany
Similar Quotes
In spite of bush's win, the majority of americans still think the country is headed in the wrong direction (56%), think the war wasn't worth fighting (51%), and don't approve of the job george w. bush is doing (52%).
Country Jobs War
If the goal is to dramatically improve college completion rates, not college-going rates by itself but college completion, it's not just a college problem. we need a big focus on early childhood education. our early childhood education system is pretty good in this country. not enough students have opportunity. and, very discouragingly, they lose their advantage because they go to poor schools after that. so, let's focus on our babies.
Country Baby School
And judging what is appropriate or not appropriate for a country, i think it is important in particular in judging what is the appropriate economic policy framework, one should take into account the overall political environment and the institutional framework within which economic policy operates.
Country Thinking Judging
Republicans are now saying that dan rather should lose his job because he misled the country with bogus information. which is odd because the democrats are saying the exact same thing about president bush.
Country Jobs President

Trending Author

John Burns
John Burns
Pat Boone
Pat Boone
Jermaine Jackson
Jermaine Jackson
William Hurt
William Hurt
Mike Nichols
Mike Nichols
E. F. Schumacher
E. F. Schumacher
Category
Information
Inspirational
Philosophy
Personal Growth
Happiness & Joy
Life Lessons
Success & Business
Motivation
Quote AI Helper
Hello! I'm your AI assistant. Ask me anything about quotes or authors!