EMU: Political interest over economic ones - BBH

By FXstreet.com | Updated September 01, 2014 AAA

FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggested that Europe itself is more a political construct than a geological one.

Key Quotes

"We have argued the advent of EMU and the euro is first and foremost an economic solution to a political problem, the reunification of Germany.

"Political interests overrode economic interests, and that is why EMU survived. Similarly, the political elite are not Philistines."

"They can and are putting larger political interests ahead of narrow economic interests. Yes, there are compromises, but an economic determinist explanation and forecast does not do the situation justice."

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