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Barry Eichengreen | The Legacy of the Great Moderation: Currency, Populism, and Credit

Hidden Forces

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Is It Safe to Give Fiscal Policy Back to National Governments?

We used to think of Ireland as a basket case and now it's the most successfully performing European economy. I wouldn't dismiss the possibility that the Greeks can eventually get their act together, although they have a lot to do. It would be safe to give fiscal policy back to national governments if you break what's called the doom-loop connecting government bond markets and banking systems.

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