"Simply put, Greece doesn't stand a chance if it stays on the euro with
no control over its monetary policy. Greece needs a cheaper currency to
help compete with its neighbors so it can grow organically, much like it
was able to do when it was on the drachma. It cannot do that if its
monetary policy is being conducted in Frankfurt and its currency remains
so expensive relative to the U.S. dollar and especially to the Turkish
lira, its major economic rival in pretty much everything from tourism to
olive production".
Full article is here.
Full article is here.
From the small excerpt I thought the text might be biased against Germany. But mentioning Frankfurt was only a modern Journalists gag not to write ECB.
ReplyDeleteNo doubt that an own local currency in parallel with the Euro would help not only Greece but also other southern countries.
H.Trickler