Friday, August 5, 2011

Euro Systemics: Remember that December (1991 and 2001)?

When EEC leaders decided on EMU (Economic and Monetary Union not European Monetary Union, the Economic part still missing (in action)) in Maastricht (IGC) in December 1991 they did not count on China WTO entry in December 2001 a few days before the introduction of the Euro banknotes (1/1/2002).

The China effect on world trade along with the inflation-phobia effect of the ECB/Bundesbank (making the Euro etra-hard thus offering even greater price advantage for Chinese products in the Eurozone among other places) are two key factors in the current Euro and EU crises.

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BRs
Nick

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