"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Our Cherished Optimum Currency Area
"It is just fifty years ago that Robert Mundell formulated the concept of the optimal currency area and set off an avalanche of theories that developed it and of empirical studies explaining why it mostly did not work and why it worked when it did. It is about two decades since the project of a common European currency began to gain ground and a dozen years since its flesh and blood reality."
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