“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 1942–2002

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“The market can quickly seize up. Prices don't adjust in a smooth continuous fashion, but instead abruptly reconfigure themselves, like the earth's crust during an earthquake.”

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

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