"Czech"mate for European Union?


Stating the Obvious

In yet another article about another European head of state stating the obvious. The WSJ quotes Václav Klaus, president of the Czech Republic:

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%.

“As a project that promised to be of considerable economic benefit to its members,” he says, “the euro zone has failed.”

The rest of the fine short article is here.

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