Maastricht convergence criteria and a stability pact have been introduced to guard EMU from the risk of excessive government debt accumulation. The Asian financial debacle teaches us that excessive debt accumulation by the private sector can be equally, of not more, risky. This has escaped the attention of the founders of EMU, concerned as they were by the dangers of too much govern ment debt. In the meantime the EMU-clock is ticking, while he institutions that should guard EMU from financial and banking crises have still to be put into place.
samedi 16 juillet 2011
La prophétie de Paul De Grauwe, en 1998
Extrait d'une opinion de Paul De Grauwe dans le Financial Times, en 1998: