Inherent instability. Η εγγενής αστάθεια που παραμένει κρυφή όταν όλα πάνε καλά και τα τινάζει όλα στον αέρα όταν έρχονται οι δυσκολίες. Τώρα που η επιμονή στην ελπίδα ξεθωριάζει σιγά-σιγά, τα παρακάτω απλώς προστίθενται στην ιστορία ενός προαναγγελθέντος τέλους. (Ο θάνατος είναι πολύ ρομαντική περιγραφή).
"Without a fiscal transfer mechanism, EMU automatically leads to feedback loops where countries in booms have ever lower real interest rates, further fuelling the bubble, until it all blows up.
Conversely, countries in bust have ever higher real interest rates as they slide deeper into deflation, further compounding their crisis. It feeds on itself. The gravity of this obviously depends on the scale of the debt burden at the outset. Latvia is not Greece. This system is "inherently unstable".
"As most people now recognise, the first-best solution would be for politicians to put in place a mechanism for fiscal transfers – that mechanism might be a full Banking Union, or a Eurobond. But that is not the hand that policymakers at the ECB have been dealt."
Mario Draghi: strap on your Pickelhaube and buy fistfuls of German Bunds – Telegraph Blogs