Word: centrales
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...monetary policy is controlled by the European Central Bank, and most of the member countries have joined the “Eurozone,” the term for the monetary area in which the Euro is used. Thus, one central bank controls the supply of money for the EU, and individual countries do not have control over inflation targeting, interest rates, and other monetary issues. Yet at the same time, each country is in control of how much its central government spends and the solvency of its financial system, so Germany independently controls its expenditures and tax receipts, and Greece...
Basic macroeconomics teaches that fiscal and monetary policy are related; therefore, governments and central banks must sometimes be able to take wide-ranging action on both during crises. As George Soros wrote in the Financial Times on Monday, “When the financial system is in danger of collapsing, the central bank can provide liquidity, but only a Treasury can deal with problems of solvency.” Europe is now experiencing an unfortunate situation where member countries can create unsustainable deficits or be home to failing financial systems and for this reason place the entire economic system...
...major step the EU must take is to develop more political and fiscal integration. The optimal economic solution would be a fully integrated fiscal system in which a central European government made decisions in a structure similar to the U.S. Thus, monetary and fiscal policy would be coordinated on the same scope, and Europeans would not have to worry about a single member state bringing down the entire economy, just as no one worries about California’s fiscal problems hurting the stability of the dollar. European countries, accustomed to full sovereignty, are used to full independence, and therefore...
Crazed with laughter and the bitter cold, my roommate and I literally exploded into Asmara, a discreetly nestled Central Square Eritrean eatery, hustling mostly because my feet had frozen (flip-flops offer little in the way of podiatric protection) and, more importantly, because our palates were eager for an escape from dining hall fare...
Asmara Restaurant, 739 Mass. Ave., Cambridge. (617) 864-7447. Take the Red Line to Central Square and walk towards Harvard. Open M-Th 11:30 a.m.-10:30 p.m., F-Sat 11:30 a.m.-11:30 p.m., Sun 4 p.m.-10:30 p.m. Visa/MasterCard accepted. Appetizers ($7.95-8.95), entr?...