Letters to the Editor

Letters to the Editor, June 24, 2012.

23rd June, 2012
David McWilliams argued that the weakness of industrial production in Italy, in comparison to Germany from 1999 onwards, is attributable to the introduction of the euro currency around this time, which removed Italy's ability to devalue its own currency.

Germany's way to success

David McWilliams argues that the weakness of industrial production in Italy, in comparison to Germany from 1999 onwards, is attributable to the introduction of the euro currency around this time, which removed Italy's ability to devalue its own currency (*17/6/12*). This is a short-sighted and highly misleading analysis.

In fact, as the graph which accompanied his article shows, production in both countries was virtually identical until as late as 2003.

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