Bank of Portugal leader and ECB member Costa says the euro is “decisive” for Europe.
That doesn’t make any sense. What has it decided? A half-dozen times during the crisis, European leaders have called a policy ‘decisive’ but there is literally nothing anyone can do in Europe that will make it clear that the crisis is over. Periphery governments need to eliminate deficits and prove they can be competitive with a artificially high exchange rates — good luck.
Costa also says the has a future of success. Maybe, but presently it’s a failure in the periphery and all I see is more storm clouds on the horizon. He is also calling for swiftly integrated banking supervision.
