<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span></span></div><div><br></div> <div style="font-size: 12pt; font-family: 'times new roman', 'new york', times, serif; "> <div style="font-size: 12pt; font-family: 'times new roman', 'new york', times, serif; "> <div dir="ltr"> <font size="2" face="Arial"> ----- Forwarded Message -----<br> <b><span style="font-weight:bold;">From:</span></b> Associative Economics Bulletin <ame@cfae.biz><br> <b><span style="font-weight: bold;">To:</span></b> dharao4@yahoo.co.uk <br> <b><span style="font-weight: bold;">Sent:</span></b> Monday, 16 April 2012, 9:45<br> <b><span style="font-weight: bold;">Subject:</span></b> Is the Euro an Error? Associate! April 2012<br> </font> </div> <br><div id="yiv1197372567">
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<div class="yiv1197372567csc-header yiv1197372567csc-header-n1"><h1 class="yiv1197372567csc-firstHeader">Is the Euro an Error? Associate! April 2012</h1></div>
<div class="yiv1197372567csc-textpic yiv1197372567csc-textpic-intext-right"><div class="yiv1197372567csc-textpic-imagewrap"><dl class="yiv1197372567csc-textpic-image yiv1197372567csc-textpic-firstcol yiv1197372567csc-textpic-lastcol" style="width:280px;"><dt><img src="http://2011.cfae.biz/typo3temp/pics/b7e7b64807.jpg" width="280" height="397" alt=""></dt><dd class="yiv1197372567csc-textpic-caption">See link below</dd></dl></div><div class="yiv1197372567csc-textpic-text">
<div>In this issue of <b><a rel="nofollow" target="_blank" href="http://2011.cfae.biz/index.php?id=301&rid=t_10679&mid=226&aC=6362ccd2&jumpurl=2" title="Opens internal link in current window" class="yiv1197372567internal-link">Associate!</a></b> we consider the problems facing the eurozone, meaning the 17 countries that have adopted the euro as a shared currency and sole legal tender. This is a hugely complicated topic, so we concentrate on one aspect, albeit one that goes to the heart of the problem: Is the euro a political or an economic currency? We lead with two incisive comments by <b>Anthony Coughlan</b> and <b>Tim Congdon</b> on this matter, chosen to emphasise the question of the euro’s economic credentials.<br><br><b>Sign of our Time</b> has two elements. The first is a quotation from<b> Richard Cobden</b>, an early proponent of inter-country economic cooperation through free trade, but not the strident sort it has now
become. On Cobden’s death in 1865, the French Minister of Foreign Affairs, <b>Drouyn de Lhuys</b>, said: “He is above all in our eyes the representative of sentiments and those cosmopolitan principles before which national frontiers and rivalries disappear; whilst essentially of his country, he was still more of his time, an international man.” The second, by <b>Giscard d’Estaing</b> on the ecu (now euro) as a parallel currency, shows that even a staunch advocate of political union can see the merit of economic cooperation and the possibility of a currency serving economic cohesion without the need for amalgamated sovereignty.<br><br>In the feature, <b>Optimising the Euro</b>, we consider what it means for the euro to be an economic currency. We do so by reference first to <b>Keynes’s</b> (1940) image of the sterling area pound and the conceptually related proposal for an <b>International Clearing Union</b>. We then examine the idea of an
optimal currency area by reviewing a seminal article by <b>Robert Mundell</b> in the light of associative economics.<br><br><b>AEX Pages</b> mainly concerns book reviews this time. <b>Accounting Corner</b> looks at how people create, value and give meaning to money.</div>
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