tag:blogger.com,1999:blog-14237465.post7883710904550111204..comments2024-03-22T19:12:22.089+11:00Comments on One Salient Oversight: In defence of the Eurozone and its policiesNeil Cameron (One Salient Oversight)http://www.blogger.com/profile/03143948543305522865noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-14237465.post-38644547365538096552011-01-29T06:44:21.111+11:002011-01-29T06:44:21.111+11:00I would refer to a common "unit of account&qu...I would refer to a common "unit of account" in the last sentence but otherwise I broadly agree with the conclusions you have written here. <br /><br />The ECB should remain focused on price stability. I don't think it should be preoccupied with bailing out Greece etc. If Greece has a problem then they can always default, and now probably should.<br /><br />There is a school of thought that thinks the world should return to a gold standard. That a gold standard would provide price stability and a common global unit of account. You may not agree with this path to price stability and a common global unit of account but you should acknowledge the idea. It comes typically from classical economists. <br /><br />The monetary objectives of the ECB are in my view superior to the monetary objectives of the FED. The ECB should remain entirely focused on price stability. The FED should be reformed so that price stability is it's only monetary objective.TerjePhttps://www.blogger.com/profile/01761760117648814096noreply@blogger.com