Sunday, March 24, 2013

Frances Coppola — The broken Euro

Imagine you live in a prosperous country, with a lovely climate, beautiful beaches, blue seas. But there's something funny about this country. It doesn't have a functioning banking system....
The European Union was founded on "four freedoms": free movement of goods, free movement of services, free movement of capital and free movement of people. Capital controls are direct prevention of free movement of capital. In fact it is worse than that, because strict capital controls also severely curtail free movement of goods and services and free movement of people - the other founding principles....
The Troika has already demonstrated that it will sacrifice democracy in the cause of the European project. But now it shows that it will sacrifice the very principles of that project to maintain the sham of unity. How much longer before the whole thing unravels? 
Coppola Comment
The broken Euro
Frances Coppola

Euro experiment finished?

1 comment:

Matt Franko said...

"free movement of capital"

A 3% restriction on eNFA issuance seems like quite a restriction on movement of "capital" in the first place....