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tmcb | 10 months ago

> But as a whole I'd guess that especially export-focused Eurozone members like Germany would welcome a depreciation of the Euro.

Yes, but only if it is guaranteed that their imports would depreciate similarly. Otherwise, say, Germany would devalue the Deutsche Mark but then run into the risk of importing produce from The Netherlands at a higher cost.

> It does, however, not bring me any closer to understanding the "exporting unemployment" statement.

The monetary policy after the 2008 crisis forced poor countries to cut public spending so that industrial economies could be bailed out. As a metaphor, the potentially unemployed factory worker from Germany was replaced an actual unemployed public service worker in Greece.

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