Ted Noten, Eleven Women and 400 Daisies, 2011
«When the idea of a European Monetary Unification was initially discussed in the 1970s, a fierce debate broke out between the so-called “Economists” and the “Monetarists” over convergence conditions that should be required prior to monetary unification.
The Economists posited that deep-seated differences in wage and price behaviour and monetary and fiscal policies in different member countries should be removed prior to integration. Otherwise a single monetary policy could not fit all members.
The Monetarists said that prior convergence was not necessary, since these differences would be eliminated by the monetary union itself.»
Os países centrais foram emprestando dinheiro aos periféricos e a assimetria atingiu cerca de 3 triliões de euros (3 milhões de milhões de euros) entre os países europeus.
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