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This is not the view of Ashoka Mody in his recent book Eurotragedy.


The fact is that the monetary union has brought closer political integration and will continue to do so because, again, that's the only way.

I think you're trying to ascribe more meaning to whatever book you've dropped the title of that it might have... (I haven't read that book but the author seems serious enough not to ignore facts)


I may be mistaken but it looks like you haven’t read the book but you’re confident in assuming I’ve somehow misunderstood it!

Here’s the relevant quote in full:

“British economist Nicholas Kaldor had warned as early as March 1971 that the fiscal governance system would deepen political divisions. In November 1997, Milton Friedman predicted that the euro’s flawed economics would “exacerbate political tensions by converting divergent shocks ... into divisive political issues.” The Europeans had it backward, Friedman concluded: “Political unity can pave the way for monetary unity. Monetary union imposed under unfavourable circumstances will prove a barrier to the achievement of political unity.””


[flagged]


It's not possible to downvote replies to your own comments, so you shouldn't accuse people of doing that.


Fair enough, let's leave it there.

p.s. I don't actually have the ability to downvote comments, so that'll be someone else who's doing that.


> The fact is that the monetary union has brought closer political integration and will continue to do so because, again, that's the only way.

there's another alternative: the entire thing self-destructs

which seems more likely at this point than full fiscal and political union


The Trumps and Farages of this world think that by repeating it again and again it will make it "seem more likely". But to me it seems more likely they will pass sooner than the Euro.

The reality is that France, Germany, the Netherlands, etc are not going back.


There is always another way. And if that is the official strategy, there should be another way. In fact, any way would be better by definition.




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