Lessons from Africa for the Eurozone

Economists agree that countries should only have a monetary union if there is also a fiscal, economic, and political union. If you have a single currency, governments cannot print money to cover their debts, nor can they devalue their currency to regain competitiveness. Arguably, the EMU and European Union are unions with economic, political, and even fiscal elements. They, however, miserably fail to offer the necessary mechanisms to compensate for not having monetary sovereignty. Continue reading

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Why Greece must leave the Eurozone

Greece must leave the Eurozone. The only alternative would be to set a lethal precedent of using a public referendum as a strategic negotiation tool. It would blow up the Eurozone as it critically offends Spanish, Italian, German, and Latvian electorates. Leaving the Eurozone would finally put the power with the people, where it belongs, and enable the Greek people to decide what their story for the future will be. Continue reading