kowenicki said:
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I both agree and disagree. The Euro as it is is horrible, but it could have been a lot better, it's a good idea horribly realised. About avoiding out of control expenditure by irresponsible governments, the rules should have been more elastic, with broader parameters, to allow more freedom of manoeuvring, but enforced more strictly. OTOH, the actual situation, strict rules, but enforced in a lax way until it was too late, just encouraged accounting tricks, while they blocked too many investments, even important ones, and in the end just did harm.
And let's not go into denial, when things didn't go so bad yet, Germany itself tolerated "creative finance" by some governments in order to get them into the eurozone.
