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You've got it the wrong way around. At least according to the official rules, none of the member countries can benefit from the ECB system. The ECB has broken
by nhaehnle 15y ago
You've got it the wrong way around. At least according to the official rules, none of the member countries can benefit from the ECB system.
The ECB has broken that rule because they realized that if they stick too tightly to it, they risk a breakup of the Eurozone, and that would eliminate their power base. By giving the least possible amount of support to troubled countries, they hope to stay in power - at the cost of the real living standards of the peoples of those countries, of course, as you can see with a quick look at the double-digit unemployment rates there.
The Euro could become a tragedy of the commons, but it isn't one at this point in time. It is more an example of Wile E. Coyote running into the air since 2000 until, around 2008-2009, he realized that there is no longer any ground beneath his feet. Since then, he's falling.