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Fundamental Problems of the Eurozone

In: The Euro and International Financial Stability

Author

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  • Efthymios G. Tsionas

    (Athens University of Economics and Business)

Abstract

We maintain that it cannot but be the case that there is low inflation in the EMU; actual inflation is hidden below the statistics and the sizeable movements in relative prices which as a result of the credit and monetary expansions, set in motion sizeable reallocations of investment as well as new investment which is, in fact, malinvestent. The flight from euro is documented in the recent increases of gold’s prices, so we hardly need any evidence in addition to that. But the flight from euro can result only as the result of depreciation relative to the US dollar and the associated inflation in the eurozone.

Suggested Citation

  • Efthymios G. Tsionas, 2014. "Fundamental Problems of the Eurozone," Financial and Monetary Policy Studies, in: The Euro and International Financial Stability, edition 127, chapter 0, pages 131-136, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-01171-4_21
    DOI: 10.1007/978-3-319-01171-4_21
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