Why is it that even fervent pro Remain British feel the need to enthusiastically nod their heads in agreement when yet again some pseudo economist mansplains why Greece, Spain and Italy never should have joined the Eurozone, why you can’t have a currency union without fiscal union and the Euro only benefits Germany?
I don’t know why such answers are so often upvoted by people who should know better.
Sure some of those answers even start with impressive eye opening statistics, but then soon are followed by conclusions where the flag doesn’t begin to cover the cargo.
I am so fed up with this whole ‘must have fiscal union’ thing for the Euro to work and South European countries must have their own currency to devaluate themselves out of trouble time and time again because they can only survive on us rich north European tourists tipping the waiters over there.
These statements are so often repeated in certain echo chamber bubbles, but seldom explore what the actual relationship is.
On top of that throw in a Nobel winner like Stiglitz, who’se Prize winning work had nothing to do with the Eurozone and it must be true.
I am with another economist on this one who quite easily debunks this nonsense.
Mankiw and Conventional Wisdom on Europe (https://johnhcochrane.blogspot.com/2015/07/mankiw-and-conventional-wisdom-on-europe.html)