Friday, May 16, 2008
Martin Wolf lays it down
FT: Britain must not cut loose its anchor
The lesson of the 1970s was simple: letting inflation rip, to avoid pain in the short run, greatly increased pain in the long run. The UK must not repeat that error. Today, the combination of a devaluation with tight monetary policy gives it the best chance of escaping from its predicament. It enjoys this option because it decided, rightly, not to join the eurozone. But the country must have the will to make that option work. There is no sane alternative.
Posted by james @ 09:48 AM (147 views) Add Comment
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