Ashoka Mody is Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. He is author of EuroTragedy: A Drama in Nine Acts. Previously, Professor Mody was Deputy Director in the International Monetary Fund’s Research and European Departments. He has worked at the World Bank, AT&T’s Bell Laboratories, and the Centre for Development Studies, Trivandrum. He has been a Visiting Professor at the University of Pennsylvania’s Wharton School and is a non-resident fellow at the Center for Financial Studies, Frankfurt. He received his Ph.D. in Economics from Boston University.
Ashoka Mody
Charles and Marie Robertson Visiting Professor in International Economic Policy
409 Robertson Hall, Princeton University
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EuroTragedy
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The euro’s supporters make claims that are contrary to all evidence. Not surprising. On the euro’s 20th birthday, Draghi’s tribute perpetuates long-refuted myths | VOX, CEPR Policy Portal t.co/1eoGfXFn8H
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@garbino The answer is both. Italy has long-term structural problems, as I have documented in my book. The euro is as an albatross on an Italian economy in decline. The reason Italy should never have been in the eurozone is just that: structural problems and the euro interact,dangerously.
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Oh, and Venezuela is doing even worse. So, anytime you feel sad, remember the troubles in Turkey and Venezuela--and Argentina. Just thinking about such a fate makes me want to hold my head in my hands and sob tears of joy for Italy and Europe. 4/4
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With Italy's real interest rate higher than its growth rate, remember that Turkey is doing worse. For Italy's debt-to-GDP ratio can safely spiral within the eurozone. In fact, a continuing Italian recession, rising debt ratio will teach Italians to behave. Vincolo esterno. 3/4