'Single currency experiment has been a disaster' admits economist Stiglitz

Re:'Single currency experiment has been a disaster' admits e... by blibble on Saturday August 27, 2016 @01:40PM (#12373323)

it's all very well to say "wait 30 years", however the Italian/Spanish/Greek governments will realise at some point that their young citizens will not permit them to sacrifice their life chances in their 20s/30s/40s so that Eastern Europe can increase its GDP

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Re:'Single currency experiment has been a disaster' admits e... by madaxe_again on Saturday August 27, 2016 @03:07PM (#12373680)

Or they'll wait them out. As we've seen in Britain, older voters who aren't feeling the pain in the same way will remain a dominant force for a good 20-30 years yet.

That said, many are voting with their feet - those reviled eastern states are havens for mobile youth, particularly those versed in technology.

I also don't think 30 years is the timescale. It's more like ten, given the already accelerating pace of growth in previously impoverished states. Do look at gdp per cap graphs for, say, Latvia. It's impressive. The financial crash hurt, but they're already back on a healthy sigmoid upramp.

https://www.google.co.uk/search?q=latvia+gdp+per+capita&rlz=...

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Re:'Single currency experiment has been a disaster' admits e... by thatfrenchguy on Sunday August 28, 2016 @04:07PM (#12378262)

It's been ten years and the trend has been darkening for people in Western Europe.

In my low-middle class family there has been noticeable cases of factories or offices moving to Eastern Europe (Poland notably), and it is fueling extreme right wing parties, for good reasons.

You can talk about "mobile youth", but learning French when you're a low class Czech person is not something that's easy: the mobility in the EU is very restricted for that reason.

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