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" Political union means transferring the prerogatives of national legislatures to the European parliament, which would then decide how to structure Europe's fiscal, banking, and monetary union. "

Barry Eichengreen

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" For those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a whole, there is the danger that the productive capacity of a significant portion of the labour force will be impaired. "

Barry Eichengreen

" The 24% unemployment reached at the depths of the Great Depression was no picnic. "

Barry Eichengreen

Great Depression

" The 1992 crisis proved that the existing system was unstable. Not moving forward to the euro would have set up Europe for even more disruptive crises. "

Barry Eichengreen

" The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath. "

Barry Eichengreen

" Why was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated that as many as two million workers avoided unemployment as a result of his efforts to promote work-sharing. "

Barry Eichengreen

" Across the continent, political divisions are deepening. For all of these reasons, the specter of a euro zone collapse has not been dispatched. "

Barry Eichengreen

" As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run. "

Barry Eichengreen

" Every day it seems more likely that we are destined - or should one say doomed? - to replay the disastrous economic history of the 1930s. "

Barry Eichengreen

" This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression. "

Barry Eichengreen