I am now starting to argue that either we move soon on this, or Germany will inevitably have to go back (temporarily) to the Mark. The system won’t hold otherwise.
That is Edward Hugh, writing not about Greece but Spain, and advocating a 20% internal devaluation. Much more at the link, including second-hand commentary from Dani Rodrik.
My question: if Germany goes back to the Mark, why would it be temporary?
UPDATE: Rodrik comments here.
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