Euro-crisis, American lessons?

Abstract

Click to increase image sizeClick to decrease image size ACKNOWLEDGEMENTS The author would like to thank James Savage for years of discussion on these issues. Errors and omissions remain mine. Notes 1.3 ‘Connecting Europe Facility: Commission Adopts Plan for €50 Billion Boost to European Networks’, EU Commission press release, 19 October 2011, http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/1200&format= PDF&aged=1&language=EN&guiLanguage=en. 2. Municipal here is a term of art that means ‘non-central government’ rather than ‘city’. 3. Angus Maddison, ‘Statistics on World Population, GDP and Per Capita GDP, 1–2008AD’, http://www.ggdc.net/MADDISON/Historical_Statistics/horizontal-file_02-2010.xls. 4. For example, the summer 2012 bailout of Spanish banks was accomplished by adding to the public debt. 5. In the 1832 Nullification Crisis, South Carolina declared that the federal tariffs of 1828 and 1832 were unconstitutional (thus: null and void) and would not be enforced at South Carolina's ports. South Carolina raised a militia and prepared to prevent federal enforcement of the tariff. This challenged the fundamental supremacy of the federal government. The federal government responded with an equal show of force and South Carolina conceded federal authority. Things went differently in 1860.