John Bruton reviews The Euro by Joseph Stiglitz: there are two sides to this coin: "Wishful thinking lay behind the decision to have a single Europe-wide money, but to leave the supervision of banks, who create the money in the form of credit, to 17 different national authorities. This happened because Germany wanted a German authority to supervise German banks, and not a Europe-wide one. And it was these poorly supervised German banks who led the way in the mistaken cross-border lending to Greece, Spain, Ireland and Portugal."
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