La BCE a rendu possible la crise de l’euro

Crisis’s Enabler: The Central Bank

[The New York Times]

John Quiggin is the Hinkley Visiting Professor at Johns Hopkins University and an Australian Research Council Federation fellow at the University of Queensland (Australia). He is author of Zombie Economics: How Dead Ideas Still Walk Among Us (Princeton University Press, 2010).

The escalating debt crisis in Europe has claimed the political career of one Prime Minister, George A. Papandreou of Greece, and threatened that of another, Silvio Berlusconi of Italy. Despite popular resistance, governments are racing to stay ahead of the bond markets by slashing their budgets. The drama of meetings, proposals, counterproposals and popular unrest seems destined to end in tragedy.

But the theatrical atmosphere of these negotiations within the European Union has overshadowed an event that may prove to be far more significant in the long run than the Greek referendum. It has also sustained a narrative about the sovereign debt crisis that is deeply misleading.Lire : nytimes.com