Few people have been as vindicated about the failings of the euro as Marty Feldstein,
who was chairman of the Council of Economic Advisers under Reagan. In 1997 he wrote a
piece for Foreign Affairs called ‘The EMU and International Conflict’. In it, he argued that far from furthering peace and stability in Europe, the Euro would actually endanger it. Watching the
events of the past few months, few could disagree with him.
Feldstein has now returned to the debate pointing out that none of the current fixes being suggested will solve the single currency’s problems. He writes:
‘Although the form of political union advocated by Germany and others remains vague, it would not involve centralized revenue collection, as in the US, because that would place a greater burden on German taxpayers to finance government programs in other countries.
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