Re:Bulgaria joins euro area from 1 January
by graemep on Sunday January 04, 2026 @09:09AM
(#46488116)
Thanks for adding the details.
I think Krugman is somewhat unfair to the architects of the Euro. As far as I can tell they expected political integration to follow so that federal budget would have followed and the problem solved.
> but in the EU if a country needs to be bailed out, 28 or so national parliaments have to discuss it and come to 1 agreement.
It also leads to worse agreements. The Euro crisis had to be solved in a way that was politically acceptable, and that punished the populations of the countries (at least in the case of Greece) that needed a bailout with unnecessary austerity policies.
I think Krugman is somewhat unfair to the architects of the Euro. As far as I can tell they expected political integration to follow so that federal budget would have followed and the problem solved.
> but in the EU if a country needs to be bailed out, 28 or so national parliaments have to discuss it and come to 1 agreement.
It also leads to worse agreements. The Euro crisis had to be solved in a way that was politically acceptable, and that punished the populations of the countries (at least in the case of Greece) that needed a bailout with unnecessary austerity policies.