Krugman on the eurozone’s “climate of anger and disdain”
In his latest column for the New York Times, Paul Krugman worries that the euro, originally intended to bring the nations of Europe closer together, is instead fueling an increasingly bitter squabble between the continent's northern and southern regions.
Krugman praises the European Central Bank for its recent announcement that it would cut interest rates in the face of falling levels of inflation. He calls the move "obviously appropriate." However, the decision was greeted with anger by bankers in Germany, Austria, and Denmark. Krugman partially chalks this up to the German public which, he says, "is eternally vigilant against the prospect that those lazy southern Europeans are going to make off with [their] hard-earned money." But there are deeper, ideological schisms at play, too.