Papadimitriou, Dimitri B.; Wray, L. Randall - Levy Economics Institute - 2012
problem is not periphery profligacy, but rather the very setup of the European Monetary Union (EMU)—a setup that even now … prevents a satisfactory resolution to this crisis. The central weakness of the EMU is that it separates nations from their …It's a mistake to interpret the unfolding disaster in Europe as primarily a "sovereign debt crisis." The underlying …