Nick thinks all 17 eurozone countries should abandon the euro and restore national currencies.
I’ve written a lot of posts about the Eurozone. But they are “is” posts, about what I think will happen. And the things I think will happen are bad things. And I feel some sort of obligation to say at least something about what I think ought to be done to try to prevent some of those bad things happening, or at least make them less bad. This is as near as I can get to an “ought” post about the Eurozone.
Each country ought to restore its own national currency. I think this will happen anyway. But it would be better if they all did it at the same time, rather than one after the other. It will still be very nasty. But the nastiness won’t last as long. And what’s happening now while we wait for the break-up isn’t so great either.
Nick Rowe, “Is and ought for the Eurozone“, Worthwhile Canadian Initiative, 26 September 2011.
It is not easy to unscramble an omelette. But this might be less bad than the alternatives. I have to think about it, but not now. All this is too depressing.