15/09/07 13:10:15.17 sVyrAhIl.net
>>207の続き
6. Internal devaluation is nasty, brutish, and long: I argued from
the start that adjusting relative prices within the euro area would
be extremely hard, that nobody has the kind of wage and price flexibility
that would make “internal devaluation” easy --- and that countries
able to carry out currency devaluations, like Iceland, would have
a much easier time.