The Wall Street JournatThe euro's
tribulations
Ist der schwache Euro tatsächlich schuld an der
finanziellen Krisensituation in Europa oder muss
er nur als Sündenbock herhalten?T
welve years ago,.e..c..o.n:.
om.i.s.r Robert Mundett
.... rote ascries o f artides in
The \'(lall Street Journall ...
tQuting the be nefits of the
~lIlgle European e u rreney,
.wuu 1999. Th, ~
!IW.IDl deeade exeeeded the
rosiest scenarios KI..QU1 by
t he '"father of the euro."
'I ,"teen countries eame to
tnloy prosperity :md stabil-
Ir\" in the world's second
most sueeessful zone ofA CLOSER LOOK
Robert MundeIl is a profes-
sor of economjcs at Cotum-
bia University. He helped
lay the groundwork for the
euro through his work on
monetary dynamics and
"optimum currency areas"
(OCA), for which he won
the Nobel Memorial Prile
in Economie Sciences. An
DCA is a geographieal re-
gion thai has Ihe necessary
characteri stics 10 benefil
from a shared currency.
~ money and free cam· '---------- -'
meree (after the U.s.). This year, the parry has tarne to
J cr;)shjoi; halt wirh Greece's finaneia! mcltdown, and
.ne consequence has been a liI.ll....Q!l confidcnee in the
turo. Before [May's] €750.hill.i!2.ll. bailout-fund an-
T111uncement, th c euro had tumblcd ro 14-month lows.
Eurape's unprecedentcd monctary unio n ean no
Joubt be improvcd, bur ies benefits in economie cffieien-
.. ." :md monetary discipline sho uld not be igoored,
."uc h less rossed awa)" at th e first serious challenge. /r's
.! )() imporranr to understand (hat the single eurreney is
·he scapegoat ... for a erisis whose real eauses a re i..!:ID:m.:
~ for the political dass ....lIIII60ut fund I'bel>laul r ... ndt Rettungsfonds
~ n "lj.,n/-- Mllha.-de(n,"''-.
10 CI t fashing halt jJtl enden
I ~m 1U.) ,l;r~fIOC'h"'O,'""~ ,
.. In •.. I 'du: mOl hier: deren EinfOhrung ... erfolgen
sollte
~ics [,i:b'na:mlk.,·~l _ ~Wirtschaflswissenschaflen
....amisl [i 'ko:n:Jmlslor Okonom(inl
~jent I.mk;HI'vi:n"i~C'"' unbeQuem, ungelegen
..... code ['leiM kood°' Arbeitsrecht
..ttdown I'mcltdaunl __ Zusammenbruch
.. up one's socks sich verst3rkt bemOhen
" 'p w ... nz 'SO:k50J ifmJ.
_l1l'I 5th. (rAnl hier: Angriff gegen etw.CC" _
~t: be lhe - als Verursacher herhalten
c'rquotO] müssen
.. ~t ~. out l,set 'aut] etw. SOndenbocdarlegen ~~'k-~=====
~ (..aund] solide, stabil
M!lcqllenl ] 'sAbslkw;mt]---nachfolgend--
..... uno away !.I J :$ ~'wcl'l etw. wegwerfen: hier: etw--:aufgeben
... Uh. [ laut] etw. preisen
..-.oon-...e 1 s \mb>I,tnb1I j u'lcIJom:l abstBedra~",~,,~,Omn ~;~=
...,.-ectdented [ ... n'prcs:Klcnt;xlO' beispiellos, noctl nie dagewesen
~,mbol marks standard US pronun~iation thaI dilfer$ frQm standard
"'2010Not a eurreney
erisls: lnefflelent
governmentt
oave eaused a
debt erlsfsJoining th c euro gave th e poorer southern EU eountrics
a perfect opportunity to pu[l up thejr sQeks .... Some,like
Italy and Spain, did so for a while. Bur sin ing preny in-
side the euro club, many politie iaos fOok rhe foot off rhe
pedal o f un popular reforms, sueh as libcralizing J..abm
~ o r lowering cOStS fO business ....
Euro pe isn'( experiencing a eurreney erisis. Ir is a debe
erisis driven by over-borrowing, large and inefficienr gov-
ernmenr, and insufficienr eeonomie growrh. ... 111rn You can hear business news on Business Spotlight Audio
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