A Barbarous Relic: The Economic Consequences of the Euro

摘要

The main argument the author makes is that the euro shows striking similarities to the workings of the interwar monetary system. In an important sense, the euro suffers all the disadvantages of the interwar gold standard, without enjoying any of the advantages. There are few Englishmen who do not rejoice at the breaking of our gold fetters. We feel that we have at last a free hand to do what is sensible. The romantic phase is over, and we can begin to discuss realistically what is for the best. -Keynes, "The End of the Gold Standard," September 27, 1931.