Chris Burford wrote:
The areas in which the EU needs to protect [project? - CB] an idea of a more liberal, multilateralist and just order are legion. Start with finance. The world needs a genuine supranational financial institution that monitors economic performance and stands ready to provide hard currency in times of difficulty; instead it has the IMF, an adjunct of the US treasury.
Argentina's economic collapse and default on its debt service obligations at Christmas 2001 are only the latest example of the IMF being forced into an absurd posture by its American masters; it should have intervened earlier and more generously.
How does Hutton explain the tightness of the ECB and of the fiscal convergence criteria? Those are more orthodox than U.S. policy.
Doug
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