Europe's Monetary Sins

by Benjamin Domenech on 10:56 am May 25, 2010

Eurozone failure: “Member states seeking admission were required to have a budget deficit level of less than 3 percent of GDP and a debt ratio of less than 60 percent of GDP. To meet this requirement, some governments employed what might be generously described as “creative accounting” or simply misrepresented their fiscal position.”

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