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Almost 67 years without a war clearly trumps a flawed currency union, and a not terribly well handled debt crisis.
The platform for health is more abstract (and malleable, perhaps): a set of commissioners using the flawed currency of the national tariff for health services, and the even more flawed national outcomes frameworks.
He referred to a forthcoming study by his group that will show the big negative effects on European growth of higher equity capital requirements — a finding that strikes me as inherently implausible, because the euro-zone disaster is about the interaction between a flawed currency arrangement and a sovereign debt crisis (but, of course, I haven't seen the study yet).
More fundamentally, countries still resist the risk-sharing and pooling of sovereignty needed to fix their flawed currency.The Brussels machine is not a government.
But he goes on to say that bitcoin is a flawed currency because it is deflationary.
My Oct. 20, 1997 column concluded that Brazil's fatally flawed currency setup would be defended at all cost until the October 1998 presidential elections, after which the real would fall apart.
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There has never been any question in my mind that the euro is just another flawed fiat currency.
Second, the U.K. had the foresight not to sign up for the fatally-flawed common currency.
Brown will be remembered as the most successful peacetime Labour chancellor who also kept the UK out of the fatally flawed single European currency.
And this in turn tells you that the euro is an even more flawed construction than optimum currency area theory might have predicted.
They talk of the currency's flawed design and how all could be fixed with new rules to bind rich and poor members.
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Justyna Jupowicz-Kozak
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