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  • joseba
    joseba says:

    Aplika ote dakioke DTM Euroguneari?
    Bill Mitchell-en Friday lay day – Is MMT applicable to the Eurozone?

    http://bilbo.economicoutlook.net/blog/?p=32284

    “… one thing I have had to complete by today is the introduction to the German Translation of my friend Warren Mosler’s 2010 book – The Seven Deadly Innocent Frauds of Economic Policy. The publisher wanted an introduction for the German readership that helped them relate the discussion in the book to the reality in Europe – given that the Economic and Monetary Union is a perverted hybrid of a fixed exchange rate/fiat currency system that works for no-one really.
    (…)
    So from the principles developed in Modern Monetary Theory (MMT), it is clear that recession in Europe could have been avoided had the ECB used its currency issuing capacity to fund all Member State deficits up to the level necessary to offset the fall in non-government spending after the GFC began.
    Mass unemployment arose in Europe because the government deficits were too small. In the specific institutional context, this meant that the ECB had to overcome the bond market aversion to fully fund the necessary deficits and use its currency issuing capacity accordingly.”

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