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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: GUSTAVE JAEGER who wrote (3216)	1/10/2002 5:27:50 PM
From: Henry Volquardsen	Read Replies (1) of 3536

fwiw I think this article is right on target. The analogy to Argentina is appropriate. One point that the author doesn't mention is fiscal policy. Both Argentina and the member states of the EU maintain control of fiscal policy while surrendering monetary and exchange rate policy. Argentina responded to the restraints of its currency straight jacket with a run away fiscal policy instead of forcing industry and the domestic economy to go through the painful adjustment process. The same potential exists in Europe and was pointed out long ago by many thoughtful observors.

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