> As long as a country cannot print usd itself, this is a fast shortcut to unemployment, hunger, etc...
We don’t even need to make up hypothetical examples. We have a live one in Greece. The Greek citizens went through this exact ordeal for the exact reason you stated. They couldn’t print EUR and the ECB wouldn’t extent monetary support to Greek government.
I think the real reason is that Greece was more or less forced by the EU to accept austerity and a bad loan it can't possibly repay. The leadup to this was irrelevant.
They were eventually given the right to “print” EUR. One of the many problems with the euro system that periphery countries have unfortunately been subjected too.
They are not. Germany is a net exporter, obviously not all the countries can be net exporter at the same time.
You can't have a stable monetary union without a fiscal capacity. The inevitable debt crisis in the Euro-zone are stopped by the ECB buying debt in the secondary markets.
The hypocrisy of the system is obvious to however takes the time to see how it works.
We don’t even need to make up hypothetical examples. We have a live one in Greece. The Greek citizens went through this exact ordeal for the exact reason you stated. They couldn’t print EUR and the ECB wouldn’t extent monetary support to Greek government.