Europe's Economic Dilemma analyses the reasons why the European
Union's growth rate has fallen during the last quarter of a century
to little more than a third of its previous level. It concludes
that the major reason has been politically driven attempts to lock
EU currencies together in inappropriate economic circumstances.
These have led to chronic deflation, rising unemployment and
falling investment and competitiveness as EU Member States, without
exchange rate flexibility, have found themselves unable to compete
with Germany.
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