Os argumentos de Jürgen Stark para o BCE aumentar as taxas de juro estão no Financial Times. Aqui se transcrevem alertas que são especialmente importantes para Portugal.
The “optimality of a currency area” is not a given or static state of affairs. It is the result of the determination of all policymakers to increase the resilience of all the constituent parts of the area. One-size-fits-all requires downward unit labour cost adjustments in countries with high unemployment and major competitiveness problems; it also requires all national fiscal and supervisory policies to avoid any build-up of imbalances and boom-bust cycles.
At the European level, this needs to be supported by stricter rules and more effective surveillance mechanisms of national economic policies.
It goes without saying that implementing the necessary reforms not only benefits the countries concerned, but is also an obligation for all governments so as to ensure that their economies function smoothly within our monetary union. It is in this sense that one size fits all.