In honor of Brad Bateman’s visit tomorrow, today’s opinion piece in the Financial Times poses an answer to the question above from two other Keynesian scholars, Robert Skidelsky and Marcus Miller. You may or not be able to access this piece directly from the Financial Times. First try here and if that doesn’t work, try here.
For those of you who want “to cut to the chase,” the short answer is as follows:
Eurozone countries must be allowed to grow again. For a country in such desperate straits as Greece, however, orderly exit from the euro to regain competitiveness looks to be the best option. But it is in the interest of both Greece and its creditors that the resulting devaluation be controlled. We must not add currency wars to our present pile of problems.
I will have more to say about this in future postings.