In a letter to the Financial Times published last week, Michael Woolfolk of the Bank of New York makes a curious contrast:
It may end up that signing on to the euro currency will require the move to a market-based economy. This will certainly not be easy for welfare-based economies, and it may not ultimately be possible politically.
(See EuroPolyphony for the link and more info on the letter).
Now this paragraph has me scratching my head: what exactly is the difference between a market-based and a welfare-based economy?
Feed: A Fistful of Euros