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Saturday, January 7, 2012

On the Plight of the Euro

Relative to the U.S. dollar, the euro of the E.U. was not in as dire shape in 2011 as was typically presumed. As the euro celebrated its ten-year anniversary on January 1, 2012 at $1.29, a ten-year perspective could assuage the irrational exaggeration of fear over the currency’s impending demise. Besides the human propensity to develop tunnel vision—looking only right straight ahead—we tend to over-dramatize some things (while ignoring other things).

The full essay is at "Essays on the E.U. Political Economy," available at Amazon.