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By F. A. Hayek

During this groundbreaking paintings, first released in 1976, Friedrich von Hayek argues that the govt monopoly of cash needs to be abolished to prevent habitual bouts of inflation and deflation. Abolition can be the medication for the extra deep-seated illness of the habitual waves of melancholy and unemployment attributed to 'capitalism'.

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In this context, it is noted that in April 2010 the EU and euro area member states, together with the IMF, agreed on a loan to Greece, with participation of euro area members, to be ratified by their respective parliaments. However, last month the parliament of one euro area member state voted overwhelmingly against contributing to the agreed loan. This decision highlighted the challenge of successfully achieving cohesiveness and solidarity between the member states within the EU, despite the public support for stronger coordination of economic and financial policies reflected in the Spring 2010 Eurobarometer survey mentioned earlier.

Euro-area governance: what went wrong? ’ Bruegel Policy Contribution, 2010/05 Part I The experience of the crisis 3 Weathering the financial storm: the importance of fundamentals and flexibility ´ Thorvardur Tj¨orvi Olafsson and Th´orarinn G. P´etursson∗ 1 Introduction The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking and currency collapse, others came off relatively lightly.

Accordingly, the greatest difficulty, perhaps, is associated with developing a framework for crisis management for dealing with problems involving cross-border financial groups that should have procedures for early intervention, bank resolution and insolvency. At present, there is no common approach in Europe for early public intervention in the case of a troubled financial institution. The absence of such a mechanism increases moral hazard on the part of the management of institutions that may find themselves in trouble.

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