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There
is accumulating evidence that the euro's
current architecture is unstable. The
source of instability is high interest
rates on highly indebted countries which
creates unsustainable debt burdens. Remedying
this problem requires a central bank that
acts as government banker and pushes down
government bond interest rates to sustainable
levels. That can be accomplished by the
creation of a European Public Finance
Authority (EPFA) that issues public debt
which the European Central Bank (ECB)
is allowed to trade.
This article is also available at
http://www.boeckler.de/show_product_imk.html?productfile=
HBS-004936.xml
July
11, 2011.
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