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2011: travel to Tallinn with the EURO in the portfolio

This 2011 that began as harmonious and promising has turned overnight a hell of uncertainty, not only in the Eurozone. Oh, what a week back to school we had prepared the inscrutable destiny ... Impossible to escape defeatist messages to particular threats and official denials. There is always something in the way we transmit information magnetized feet to the floor. Tired and the ghost of "Argentinization" which bore a flight conjecture personal wealth, always annoy the ashes of their messages against the euro. Look, look eg how are Japan and the United States. But no. Here erre que erre with the eurozone. Suffice it to spend a couple of minutes twitter or dive into the teletype to realize that the speculative world makes their own, not only in Portugal, Spain or Italy. Last week there was a sort of debacle of the euro and the ECB is already de facto issuing Eurobonds and buying government bonds. Read the business press, although not much to analyze a priori, because it sounds like more of the same. Worse, if we believed that nobody in their right mind would encarnizaría against its own currency, miss. Some are doing.

Because there are two factors, monetary stability and competitiveness of the economy. If growth is sustained and sustainable sovereign default is avoided and therefore strengthens the monetary stability. Spain is not growing yet, but the euro will survive, that I have no doubt. The amazing thing is that in the meantime, those who speculate in foreign currency debt and strive to further complicate, already, controversial life of this currency, the euro, which in the middle childhood (10 years) are required of adult behavior. Time to time. Patience, for the love of God. Both speak of the relationship between bank risk and the future of the euro. In these cases it is useful to refer to other monetary unions prior to their evolution. The most obvious example is the United States, which took more than a century to build an optimum currency area, or even viable, previously distinct atavesando banking crisis in the states of the federation, secession attempts currency, etc. The observed instability was associated with adjustment costs in the various regional agricultural or financial crisis. First introduced the "yellowback", which ran between 1861 and 1879 on the Pacific coast, but eventually opted for the fiscal federalism on interregional transfers, under the auspices of the Fed.

the crisis in the eurozone is related to the budget deficit in the Member States, with housing bubbles, balance of payments, bank inconsistency and risk crossings between states. Within the eurozone, the German economy has been that the ECB has allowed banks to ensure liquidity in Greek, English, Portuguese and Irish. The normalization of the interbank market in late 2009 was made possible by some Member States, which has forced the ECB's requirement that the Irish rescue plan incorporates the recapitalization of 10 billion euros. He has worked in Greece, Ireland , and this week probably in Portugal, the famous Europe Financial Stability Fund (FEEF) set last May. Now come the Eurobond y. ..

Sooner or later

economic governance with the fiscal unit. Again, patience. So to sweeten the wait, I proposed to study the Baltic, taking advantage of Tallinn (together with the Finnish Turku) has been declared European Cultural Capital in 2011. The Estonian capital has a long tradition of theater, museums, literary and enjoys a great National Opera Theatre. Good weather in summer and my daughter and I are great cultural travelers. Do not miss the chance to meet Estonia. The balance will not go away, no matter what happens in the minds of speculators. We will travel to Tallinn with the euro in the portfolio. Life goes on, long live the euro.