Neil Irwin in the NYT on Greece and the currency union:

“Capital controls that limit people’s ability to withdraw and move money out of the country are, it is safe to say, not a sign of a healthy currency union. It would be hard to call the dollar the national currency of the United States if laws prevented me from taking Maryland dollars and depositing them in a Virginia bank.”

Read the article here.

The illusion that the European currency union is safe and sound has been shattered a while ago. But the last days showed that it’s not so much the currency union but the European leaders (and some of their voters of course) who are in bad health.

But Europe has always been in love with its own illnesses. And the European voters tend to favor politicians who mirror these illnesses.

Europe in the summer of 2015? Let’s be ill together before we separate.