A sovereign nation operating with its own currency in a floating exchange rate regime can always financially afford an JG/ELR program. So long as there are workers who are ready and willing to work.
There was never a strong argument for adopting the Euro, and the weaknesses have been exposed. Currency union without fiscal union was a mistake.
MMP Blog #29: What about a country that adopts a foreign currency? Part Two Read More »
A country might choose to use a foreign currency for domestic policy purposes. Here, however, we are examining a nation that does not issue a currency at all.
MMP Blog #27: What about a country that adopts a foreign currency? Part One Read More »