The French Just Don't Get It

From: Martin Feldstein <msfeldst_at_gmail.com>
Date: Tue, 3 Jan 2012 09:04:32 -0500

French officials including the prime minister and the head of the central
bank have recently said that Britain should have its credit rating lowered
before France. My project-syndicate column explains that the French just
don't get the fact that Britain has its own currency and therefore need not
default on British bonds denominated in sterling and can lower its current
account deficit by continuing to devalue the pound.

It's at http://www.nber.org/feldstein/projectsyndicatedec2011.html

Marty
Received on Tue Jan 03 2012 - 09:04:32 EST