EMU member states are not “sovereign”

Just read an analysis of Stratfor on the European situation that was, as usual spot-on, in describing the goings-on, the points of contention, and the potential effects if the current policies are continued. Stratfor is firmly rooted in the current economic paradigm, however, and reading this I realized again the big mistake again that many English commentaries and analyses make. They call it a “sovereign debt crisis” when indeed neither of the EMU member states are sovereign in terms of currency.

This entry was posted in austerity, debt, economic policy, eurocrisis, public debt. Bookmark the permalink.

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