Friday, April 23, 2010

Euro Is A Political Project?

This "quote of the day" comes from GaveKal today, whereby I like to emphasize the parallels with Japan:
...In Japan you only ever had three pools of power (MoF, BoJ and LDP) that needed to coordinate to draw an effective response to the crisis. However, in Europe, any agreement is the result of pain-staking compromise of far more players, which takes months, if not years, to push through. With that in mind, the long-standing consensus opinion that "because the Euro is a political project, a political solution will be found" may soon be proved to be unduly optimistic...

Let's see ...

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