I believed then – and still do – that European integration is a very good thing. But the textbook economics I was teaching showed how damaging EMU could be in the absence of European fiscal and political union.
SAINT-PIERRE-D’ENTREMONT，法国—欧洲货币联盟从来不是个好主意。我还记得，当时身为年轻助理教授的我意识到自己反对马斯特里赫特条约时是多么震惊。当时的我相信欧洲一体化是一件非常美妙的事情——现在仍然如此。但我所教授的教科书经济学表明，如果没有欧洲财政和政治联盟，欧洲货币联盟将带来巨大的危害。