European governments have ensnared themselves in the very monetary net they have been stubbornly weaving for several decades, and which they thought would somehow miraculously capture the revenues needed to escape the harsh necessity of a structural adjustment of their balance sheets. A long time in the making, since the dissolution of the quasi-fixed exchange rate system of Bretton Woods in 1971–73, and then again even more ambitiously after the failure of its substitutes, the “snake” of European currencies followed by the European monetary system (EMS), the abolition of national currencies and their replacement by a shared currency — the euro — has turned against its proponents in the turbulence of 2007–2009.
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Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information:
Book title: Euro Exit: Why (and How) to Get Rid of the Monetary Union.
Contributors: Jean-Jacques Rosa - Author.
Publisher: Algora.
Place of publication: New York.
Publication year: 2012.
Page number: 5.
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