“The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices… losses in output and employment (and pressure on the European central bank to inflate) will predominate.”
Euro fantasies, 1996
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Rudiger Dornbusch 10
German economist 1942–2002Related quotes

On Functional Finance: (1943, pg.354) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=174849
Business Adventures: Twelve Classic Tales from the World of Wall Street

Source: My Years with General Motors, 1963, p. 173 (2015 edition)

Speech to the Royal Institute for International Affairs, Chatham House (25 January 1989), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), p. 910.

Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998)
Michael-Hudson.com, 1998-

Source: The Other Side Of The Coin (2008), Chapter 6, At Rest Versus In Motion, p. 195

James Meade (1951), The theory of international economic policy, Vol. 1, p. 224; as cited in: Peter B. Kenen (1994), Exchange Rates and the Monetary System, p. 74