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Tuesday, December 06, 2005

Comments

Claus Vistesen

The European role or lack thereof in the global imbalances as they are described in the text from Bruegel is interesting especially because European monetary policy probably can't solve the issues for Europe. So what to do? The text points to these four key issues ...

KEY CHOICES FOR EUROPE &
THE EURO AREA
In view of the inevitable adjustment,
European policymakers
face four key policy questions:
1 . What exchange rate policy in
Asia would be best for Europe?
2 . Should Europe welcome the
euro becoming an international
reserve currency?
3 . How can policy promote the
smooth reallocation of resources?
4 . What are the implications for
monetary and fiscal policy?

Especially points one and two are interesting; should Europe join the choir of American China-bashers claiming a devaluation of the yuan? The Euro as an international reserve currency? - it already is, right? At least to some extent

Matt Canavan

Europe are part of the 'problem'. (Although I don't think there is a problem at all.) The stagnant European economy has done nothing to soak up the savings glut from Asia, meaning more funds have flown to the more dynamic American economy. In any case, this is great for Americans because their interest rates are much lower.

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