What to watch for in thinking about Europe's next crisis
"When the economy turns down, that’s when the acrimony will be greatest. And that’s when I would worry about really bad outcomes."
That's how I ended the last post on Friday. The reason I'm highlighting this is because of a link from Wolfgang Munchau at the FT in today's links post.
Here's what Munchau wrote that I think dovetails with my Friday post. It was right at the end of his post:
Reformers should exploit the fact that the large and persistent current account surpluses of the northern eurozone countries make them vulnerable to a sudden disruption of trade flows. Only an existential crisis that threatens the very survival of the eurozone has the potential to concentrate minds in the northern eurozone. A very large current acc...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.