New York Times (March 28)
“Should Scotland be an independent country?” On September 18, 2014, Scottish voters will answer this question. “After more than three centuries of political union, breaking up would be complicated…. Looking at the financial woes of small, independent European states like Cyprus and Iceland, Scottish voters may want to think twice about going it alone.”
Financial Times (May 22)
“The German elite were the ones who understood what creating the euro implied. They realised that a currency union could not work without a political union. But the French elite wanted, instead, to end their humiliating dependence on the monetary policy set by Germany’s Bundesbank. Now, two decades later, Germany’s partners, including France, have learnt a painful lesson. Far from being liberated from German control, they are now far more firmly under it. In a big crisis, creditors rule.”
Tags: Bundesbank, Creditors, Currency union, France, Germany, Political union
