Eurolandia: azken albisteak

(i) Germany contracts as the French suggest defiance[1]

Euroguneko ekonomia:‏

“The overall Eurozone has not grown at all since the austerity zealots went to work in early 2011 and in overall size of the economy it is back to around 2006 levels.”

(ii) Friday lay day[2]

Europarekiko kritikariak:

“Some of the economists are starting to voice their opinions more vocally now and they are very critical of the European policy makers. One might say, what took them so long.”

Nobel saridun batzuek diotenez, Europa depresiorantz:

“The UK Telegraph report (August 20, 2014) – Nobel economists say policy blunders pushing Europe into depression – tells us that several economists (who have won the Nobel Prize) have been extremely critical of the Eurozone policy stances.”

Euroa uzteko prest egon behar Grezian, Portugalen eta Espainian:

“Christopher Sims, listed as a “US expert on monetary policy” said the EMU had “basic design flaws”, which forced nations to impose “pro-cyclical austerity”. He said: If I were advising Greece, Portugal or even Spain, I would tell them to prepare contingency plans to leave the euro. There is no point being in EMU if all that happens when you are hit with a shock is that the shock gets worse … It would be very costly to leave the euro, a form of default, but staying in the euro is also very costly for these countries. The Europeans have created a system that is worse than the Gold Standard. Countries are in the same position as Latin American states that borrowed in dollars”

EBZ-ren zereginak:

“The ECB could purchase all outstanding debt and write it off without suffering any operational disadvantage. There is no solvency issue about its ‘balance sheet’. It could operate with negative capital forever with no negative consequences. Why? It issues the currency! Please read my blog – The ECB cannot go broke – get over it – for more discussion on this point.”

Pixka bat aurreratu da:

“Anyway, some progress is being made.”

(iii) ECB relying export driven growth through euro depreciation‏[3]

EBZ eta eskari agregatua:

“… he [Draghi] states it’s the fx channel that the ECB is relying on to support aggregate demand. Good luck to them, it doesn’t work that way!!!”

[1]  Ikus http://bilbo.economicoutlook.net/blog/?p=28728#more-28728.

[2]  Ikus http://bilbo.economicoutlook.net/blog/?p=28772.

[3]  Ikus http://moslereconomics.com/2014/08/23/ecb-relying-export-driven-growth-through-euro-depreciation/.