The Roots of the Euro Crisis Lie at the Doorsteps of the ECB

This column argues that deficiencies in the Eurosystem[1] monetary policy contributed to the “euro crisis”, which is, in reality, an intra-Eurozone balance of payments and external debt crisis.  It claims that the Eurosystem’s monetary policy instruments and procedures allowed intra-Eurozone external imbalances to accumulate since the start of the third phase of the EMU[2] in […]