{"id":186660,"date":"2013-11-25T21:28:00","date_gmt":"2013-11-26T02:28:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/11\/25\/the-french-call-for-germany-to-leave-the-eurozone\/"},"modified":"2013-11-25T21:28:00","modified_gmt":"2013-11-26T02:28:00","slug":"the-french-call-for-germany-to-leave-the-eurozone","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/11\/25\/the-french-call-for-germany-to-leave-the-eurozone\/","title":{"rendered":"The French Call for Germany to Leave the Eurozone"},"content":{"rendered":"

It’s not the French government, but it is as close as it can get without a governmental imprimatur<\/a>:<\/p>\n

Suddenly, there\u2019s the next solution. This one is attractively presented with graphs and in simple economic terms that even a politician might understand. It\u2019s seemingly well-reasoned and has no visible partisanship attached to it. And it came from one of the largest megabanks in France, Groupe BPCE, that hardly anyone knows.<\/p>\n

It was established in 2009 through a government bailout and a near-simultaneous merger between the Caisse Nationale des Caisses d\u2019\u00c9pargne and the Banque F\u00e9d\u00e9rale des Banques Populaires. These vast cooperative bank networks continue to exist with their separate brands. And that\u2019s what consumers see. BPCE has \u20ac1.15 trillion in assets and owns about 20% of the retail banking market. It\u2019s huge.<\/p>\n

And now, its asset management and investment banking subsidiary, Natixis, released a zinger of a study designed to influence policy. It\u2019s titled, \u201cOn a purely macroeconomic basis, Germany should leave the Eurozone.\u201d<\/p>\n

Germany should get out of the way so that the remaining countries can devalue in a big way what would remain of the euro. France, Italy, Spain, Greece, etc. have always done that, one way or the other, before the euro took that nifty tool of sudden money destruction away from them. It would be the ideal solution for France.<\/span><\/p>\n

After conceding that there may be non-economic<\/i> reasons to form a monetary union, the report lays out five reasons why Germany needs to exit. But it offers an alternate solution: if Germany wants to stay, it needs to pay.<\/span><\/p>\n

    \n
  1. Asymmetries in the economic cycles.<\/b><\/span><\/li>\n
  2. Weakening economic ties between Germany and the rest of the Eurozone.<\/b><\/span><\/li>\n
  3. Structural asymmetries.<\/b><\/span><\/li>\n
  4. Different needs in exchange rates.<\/b><\/span><\/li>\n
  5. Incapacity in the rest of the Eurozone to impose \u201cinternal devaluation.\u201d <\/b><\/span><\/li>\n<\/ol>\n<\/blockquote>\n

    Read the rest.<\/p>\n","protected":false},"excerpt":{"rendered":"

    It’s not the French government, but it is as close as it can get without a governmental imprimatur: Suddenly, there\u2019s the next solution. This one is attractively presented with graphs and in simple economic terms that even a politician might understand. It\u2019s seemingly well-reasoned and has no visible partisanship attached to it. And it came …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,984,1002,978],"tags":[],"class_list":["post-186660","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-europe","category-good-writing","category-politics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186660"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=186660"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186660\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=186660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=186660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=186660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}