By Stephen Fidler
Václav Klaus, president of the Czech Republic, has never been too worried about upsetting his European Union partners. He risks doing so again with a piece just written for the libertarian Cato Institute’s Center for Global Liberty & Prosperity provocatively entitled “When Will the Euro Zone Collapse?”
His main conclusions are twofold.
First, the euro zone has failed: It hasn’t delivered growth and the economies of member states have not converged. According to European Central Bank, average annual economic growth in the euro-zone countries was 3.4% in the 1970s, 2.4% in the 1980s and 2.2% in the 1990s. In the decade of the euro, from 2001 to 2009, it was just 1.1%.
Continue reading Klaus Asks “When Will Euro Zone Fall?”
