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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Zeev Hed who wrote (21477)1/13/2002 1:21:41 PM
From: KyrosL  Read Replies (1) of 99280
 
The majority of the structural funds do not go to the three poorest countries. But these countries do receive much more than they contribute -- a net of about 3% of their combined $400 billion GNP, as I said.

I agree with you that the lack of monetary flexibility at the country level may hurt. On the other hand, it does make the ECB less susceptible to political pressure, since the politicians of so many countries will rarely agree about the course the ECB should follow. So ECB's job of keeping inflation down is easier than the Fed's.
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