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Krasting, Bruce

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Business Insider - United Kingdom | 01/07/2012

Devaluation of euro as way out of crisis

Only a drastic devaluation of the euro can help Europe overcome its debt crisis, Bruce Krasting argues on the economics blog Business Insider commenting on last week's EU summit. He contends that both the crisis countries and Germany would profit from such a move: "There is one currency option left. Devalue the Euro by 20++%. This would make a difference. It would go a long way towards stabilizing the real economies of Europe. It would create inflation, something that is sorely needed to devalue the real size of Europe's debts. Germany would agree to this as it preserves their export-competitive position within the EU, and improves it outside of the EU. The technocrats in Brussels would love it; it's the only thing left that would preserve the monetary union."

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