Saturday, June 19, 2010

Economics 19/06/2010: A quote

An unexpected quote (hat tip to Open Europe):

"What went wrong wasn't what happened this year. What went wrong was what happened in the first 11 years of the euro's history. In some ways we were victims of our success...It was like some kind of sleeping pill, some kind of drug. We weren't aware of the underlying problems".
European Council President Herman Van Rompuy, 14 June 2010

Perhaps the only thing worth disagreeing here with is the idea that 'we weren't aware':
  1. 'I didn't know' is not a legitimate defense for sleeping on the job.
  2. Why weren't they listening?
  3. Will anyone bear the consequences?

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