贸易集团和货币联合体trade blocs and monetary unions-mauro f. guillén-沃顿商学院推荐.ppt

We’re All Different… “Italy is absolutely not in the same situation as Greece.” Jean-Claude Trichet, head of the European Central Bank, April 9 “What the Portuguese government wants the world to know is simpler: Portugal is not Greece.” The Economist magazine, April 22 “Portugal, Spain, Ireland or Italy are not in the same situation as Greece. And Belgium less yet.” Guy Quaden, governor of the National Bank of Belgium, May 7 “ ‘ Ireland is no Greece’ confirms latest economic forecast.” Ernst and Young, in its Economic Eye Summer Forecast, June 2010 Greece is not Ireland; it doesn’t have banking stability problems.” George Papaconstantinou, finance minister of Greece, Nov. 8 “Our economy is very different from that of Greece or Ireland because our financial sector has benefited by the supervision and regulation of the Bank of Spain, which was missing in Ireland.” Elena Salgado, the Spanish finance minister in an interview in the British newspaper The Independent, Nov. 25 Bank failures in Ireland had “nothing to do with Portugal.” ángel Gurría, secretary general of the OECD, in Bloomberg News, Nov. 22 “Portugal does not need any help, it is in a very different situation to Ireland.” Herman Van Rompuy, the president of the European Council, Nov. 23 “Zapatero ‘gets it’ and Spain is taking its medicine pre-emptively. Certainly, Spain faces serious economic growth and labor market challenges as it works its way through a devastating real estate collapse in the coming quarters. But it has neither the debt stock of Greece, the bust banks of Ireland or the complacent government of Portugal.” Jacob Funk Kirkegaard, research fellow at the Peterson Institute of International Economics in a CNBC guest blog post, Nov. 24. Source: Landon Thomas, Jr. , “They are not like Ireland. Really.” The New York Times (Nov. 27, 2010). * … but Some Animals are More Different Than Others. * The “Exorbitant Privilege” of the Reserve Currency* * Term used by French Finance Min