Mario Draghi sends a cold shiver down my back
31 July, 2012 at 10:25 | Posted in Economics, Politics & Society | 1 Comment
ECB is ready to do whatever it takes to preserve the euro.
The euro is already a monumental fiasco.
Draghi’s statement is not a promise. It’s a threat.
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It certainly is a fiasco. It should be recognized as such, and EZ countries should start thinking about splitting it in smaller (optimum) currency areas, or returning to their own currencies (sometimes they’re already too big and too disparate to have one single currency of their own… think Italy).
It would however not help if the ECB went on the same course of inaction it had since the beginning of the crisis. A euro break-up will be much less painful if it is avoidable.
Comment by Zorblog— 31 July, 2012 #