Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
You're ignoring the intra-EU cross-border redistribution problem, the infamous fiscal transfers that are the only way of sustaining persistent intra-EU trade balances. The issue which all the serious people keep running away from.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 01:25:00 PM EST
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