Eurozone countries don’t have currency sovereignty, that was the whole point of the Euro, to “discipline” states and prevent them from spending by putting the printing press in Frankfurt
The EU countries under eurozone has no currency sovereignty because money creation is subjugated to the European Central Bank but every member state has their own separate fiscal policies, and the ECB has no mechanism to absorb the imbalances between different member states.
It will go down in history as one of the stupidest ideas humankind has ever implemented in practice.
But in reality it’s not so “stupid” because neoliberal bankers in the rich countries like France and Germany made a lot of profit out of it, and will use this “running out of money” excuse to impose austerity and extract even more wealth and funnel them to the very top 0.1%.
money creation is subjugated to the European Central Bank but every member state has their own separate fiscal policies, and the ECB has no mechanism to absorb the imbalances between different member states
wait fr? they can’t just coordinate printing more money? what a bunch of jokers lmao
The Euro was designed by the US to fuck over Europe, and the European private banks went along with it because it put them in virtually completely control.
The Eurozone was designed to foreclose on Keynesian economics and ensure neoliberalism.
But he specifically said Europe is running out of money. If he means France is running out of money, that’s a different problem because it’s like you said. It’s actually quite similar to how the US has currency sovereignty but individual US states have to have balanced budgets.
Gibberish.
Eurozone countries don’t have currency sovereignty, that was the whole point of the Euro, to “discipline” states and prevent them from spending by putting the printing press in Frankfurt
Individual Eurozone countries can run out of money, yes, but that’s not what the finance minister said.
The finance minister said “Europe” has run out of money, which is gibberish.
The EU countries under eurozone has no currency sovereignty because money creation is subjugated to the European Central Bank but every member state has their own separate fiscal policies, and the ECB has no mechanism to absorb the imbalances between different member states.
It will go down in history as one of the stupidest ideas humankind has ever implemented in practice.
But in reality it’s not so “stupid” because neoliberal bankers in the rich countries like France and Germany made a lot of profit out of it, and will use this “running out of money” excuse to impose austerity and extract even more wealth and funnel them to the very top 0.1%.
wait fr? they can’t just coordinate printing more money? what a bunch of jokers lmao
The Euro was designed by the US to fuck over Europe, and the European private banks went along with it because it put them in virtually completely control.
The Eurozone was designed to foreclose on Keynesian economics and ensure neoliberalism.
yo any reading or resources you could help me out with on this?
I’ve read & heard it from Michael Hudson, Yanis Varoufakis, and Radhika Desai. Maybe the first time I heard the history of it was in an early episode of Geopolitical Economy Hour.
But he specifically said Europe is running out of money. If he means France is running out of money, that’s a different problem because it’s like you said. It’s actually quite similar to how the US has currency sovereignty but individual US states have to have balanced budgets.
things countries with export surplus like to hear