Martin Wolf
speaker
495 appearances
3 recordings
1 series
first heard Nov 2024
last heard Jun 2025
Martin Wolf’s voice in public audio — every appearance, attributed to the second.
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Appearances
And this is indeed part of the problem of the Euro.
The Euro, of course, is backed by a set of governments.
In the case of central banking, they really did create a a shared institution which does the job well, but it's autonomous.
Uh Mr Mitterrand famously once said, No, it will not be autonomous, but it is autonomous.
In the fiscal side, it isn't.
And that's one of the problems the Eurozone has.
Um we don't quite know and the price of that is that the banking system is not integrated.
And the result is the banking system is
is fragmented into bits which are too small for global finance.
That's why the US wins.
So g
getting away from national currencies as the instrument for payment and uh uh as uh uh ultimately the store of value because it's the governments of these countries you trust that gets back to the trust issue, that's really, really hard without, to put it bluntly, a world government.
I mean I'm not very worried about the the collapse of the dollar unless the US goes crazy.
Uh uh now that is clearly now a non zero possibility.
If you look at public debt, you look at where interest rates might have to go if uh th th the new budget creates huge inflationary pressure, we don't know.
Um i then um there could be political rushions
and uh possibly uh like touched upon it this morning, um really major financial crisis.
Then we don't know how this administration would handle it at all.
And of course that could create a
I think that there is no I mean if you look at actually f the major financial prices with prices, interest rates, for that matter, exchange rates, what's happened to inflation, um uh bond yields for that matter, then they're hardly at crisis levels.
Showing 61–80 of 495 · page 4 of 25
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