When the next big problem comes online, be it the Euro crisis, nuclear proliferation, an overstretched Internet, a killer flu, or any of the other possibilities I consider in X-Events, we will suffer a complexity overload.
Greeks have to know that they are not alone ... Those who are fighting for the survivor of Greece inside the Euro area are deeply harmed by the impression floating around in the Greek public opinion that Greece is a victim. Greece is a member of the EU and the euro. I want Greece to be a constructive member of the Union because the EU is also benefiting from Greece.
The Financial Times is pro-British membership of the European Union. We have taken that position for decades. But we are not starry-eyed about the European Union. And we do not believe and have not believed for at least 10 years that Britain should be part of the euro.
I just don't accept that there is a trade off between trade and democracy ... what we've got now is an institution that has utterly outgrown its roots which were noble... the real difference was the introduction of the euro.
I'm not too sure how much you get for winning the Champion's League, but it's definitely 10 million euros.
The interesting thing is that the 82% of the Greeks do not want to abandon the Euro. They really believe that there might be some kind of magical way where we could stay in the Eurozone but do not do our homework. This is not possible. So what we are trying to do is explain, you know, we in Greece invented democracy but we also invented at the same time populism.
As Dutch, British and French explorers literally put this Great Southern Land on the map it would be ridiculous to say that modern day Australia is anything other than a grand - and successful - outpost of Euro-colonialism and, more specifically Anglo-Celt British colonialism. It's a fact of life like the Euro-colonization of the Americas etc. If it was an outpost of, let's say, Iranian or Zimbabwean colonialism would so many people still be so desperately trying to get into Australia by any means necessary, legal or otherwise? It's doubtful. Thank the Gods for Euro-colonialism!
We will do whatever we could do to keep Greece inside the euro and inside Europe.
Our policy is European and Euro-Atlantic integration. There is no substitute for NATO.
I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.
If another euro country fails, so does Slovakia. Our economy is 80% open and if the citizens of Spain and Portugal have no money to buy cars made here in Slovakia then that will be bad for us. Everything is connected.
It is the entire euro zone system which is under threat at the moment, not just a few small countries anymore... Our euro is under threat. The changing situation needs a quick and immediate reaction.
After the accession to the euro zone, interest rates declined substantially in Portugal.
Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
The euro is going to be a big source of problems, not a source of help.
Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible - to eliminate the restrictions on prices, on wages and on employment; in short, the regulations that keep 10 percent of the German workforce unemployed.
Italy may well be the main problem. It has benefited most from the euro by having been able to get the euro interest rate instead of what otherwise would have been its own. That would be much higher because Italy has been accumulating so much debt. In the past, Italy has inflated away its debt. The virtue of the euro is that Italy can't do it alone. A tight ECB policy wouldn't permit that to happen again.
The euro is good for Europe. But only if there is flexibility all around.
The problem is that, in a world of floating exchange rates, as Italy was before the euro, if one country is subjected to a shock which requires it to cut wages, it cannot do so with a modern kind of control and regulation system. It is much easier to do it by letting the exchange rate change. Only one price has to change, instead of many.
The English are worried about the Euro being brought in because of loss of national identity and rising prices. In Scotland, people are just worried in case they have to close Poundstretcher.
Our future begins on January 1 1999. The euro is Europe's key to the 21st century. The era of solo national fiscal and economic policy is over.
The euro is a sickly premature infant, the result of an over-hasty monetary union.
The bottom line is that the euro is a failed experiment.
In 50 years, no one will care about the fiscal cliff or the Euro crisis. They'll just ask, "So the Arctic melted, and then what did you do?"
Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.
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