Forget about fiscal union. If you cannot get convergence in the productivity of all factors of production, that includes not just labour but land and capital as well, you will not have convergence in the reward to factors, and thus convergence in factor prices.

Capital Raising in Asia. Raising Capital for Hedge Funds. Raising Capital for Private Equity.

We are in the midst of a global synchronized slowdown. 

When the troops fail the general, its not always clear who’s to blame. But when different divisions fail each other, the blame is crystal clear. Generals are to blame.

It must be clear by now that the Euro doesn’t work. Member countries will always disagree on what is an appropriate exchange rate and thus terms of trade with the rest of the world, and worse, with one another. There is no automatic mechanism to link a (further) Greek default to their exiting the Euro. An