Letters to the Editor
Letters to the Editor, December 11, 2011.
The eurozone crisis
David McWilliams (*6/11/2011*) is wrong about the euro. The futility in attempting to achieve competitiveness through devaluation (and default) is undermined by McWilliams himself, when he recalls that Ireland devalued six times in 13 years (in the 1980s and 1990s) to try and remain competitive against the deutschmark.
The notion that we can regain meaningful competitiveness and stability without a painful correction is clearly an illusion.
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