Wednesday, November 27, 2013

Low inflation is like Cristiano Ronaldo

Speech by Jörg Asmussen, a member of the Executive Board of the ECB,at the  Martinsgansessen Nordmetall, Hamburg, 27 November 2013. He's addressing the claim that Germany's strength in trade makes it harder for other Eurozone countries to adjust --

Monetary union is a team sport - and when a teammate is in good shape, everyone benefits.

As Paul Krugman explains, in a monetary union, it's easier for the team to look good when everyone slacks off a bit.