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Rather than making adjustment harder, he says, the currency peg was essential for credibility.
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That made adjustment hard when external shocks hit.
The European Central Bank is in the peculiar position of both holding the single currency together (through its purchase of Italian and Spanish bonds) and at the same time making those countries' adjustments harder by raising short-term interest rates.
In the first months of struggling to regain a footing, and with the sinking economy making adjustments harder, the city needs not only seasoned leadership, but also a spokesman who is viewed favorably around the country and can inspire as much national confidence as possible.
WHILE Europe's austerity-minded governments and inflation-averse central bank must take much of the credit for the euro area's current economic problems, the crisis has been fanned by failures of regulatory reform and integration that have made adjustment much harder than it needs to be.
Other late-life adjustments were harder.
The adjustment was hard at times.
To make that adjustment was hard — that was brutal.
Andy Murray's rivals have backed him to make the adjustment from hard court to clay in time for Great Britain's Davis Cup final against Belgium.
The adjustment was hard, but I'm really enjoying it.
(The World Bank maintains a PPP database for some 180 countries).Unfortunately, PPP adjustments are hard to calculate.
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