In the Swiss news paper NZZ economist Barry Eichengreen argues that only the ECB can resolve the Euro Crisis by guaranteeing maximum yields by buying Euro government bonds:
- There are no inflationary pressures since this debt crisis is deflationary. So stop worrying about the increased monetary base.
- The discussion about ECB independence is ludicrous, because the ECB will cease to exist should the Euro break up.
- Forget the EFSF! It is to small and nobody will ever give money for leveraging it.
- Southern European countries should get their fiscal situation in order, but at the same time implement policies to increase economic growth in the long term.
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