Warren Mosler, The Euro: past, present and future. The Crossroads Workshop 1 in Zurich

The euro assumed its position on January 1, 1999. Representatives of the prospective member nations achieved political consensus, as manifested in the Treaty of Maastricht. The 'no bailout' directive for the new ECB (European Central Bank) emerged as a pillar of the political imperative, intended as protection from a genetic proclivity toward fiscal irresponsibility. Unfortunately the naked heel is but a magnet for the financial market's arrows.

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