Trond, I do not understand how you can say that the left outside Europe
says that. As far as I can tell, they (we) argue that the economics
underlying the EMU should be rejected. It is clearly based on a view of
the efficacy of markets, the primacy of monetary policy, and the impotence
of government. To have as the only European wide macro policy monetary
policy run by an independent central bank whose only charter is anti
inflation; to have no mention at any serious level, that unemployment,
uneven development etc. are macroeconomic problems needing some sort of
central fiscal authority to offset the European Central Bank, and no
debate about widening the Central Bank's charter beyond inflation. It is
this, monetarist, vision of Europe that the left must reject.
Peter Kriesler
School of Economics
UNSW
Sydney 2052
http://economics.web.unsw.edu.au/people/pkriesler/
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Received on 30-05-05
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