The little coin that could
The little coin that could The concept that the Euro as a single currency has been THE problem that doomed Italy to decades of stagnation might be an attractive concept, but my opinion is that this is a typical case of “post hoc ergo propter hoc” . We're approaching August, and in late August 1988 I started working in a fund management company in Italy. So I am approaching 35 years in the business. Since I immediately engaged in foreign investment for an Italian fund, I was acutely aware of the currency risks involved in that part of the business. Yes, for my position devaluations were a sort of a bonus ball (all positions held abruptly rose in domestic currency terms), but having lived through that period and the whole life of the Euro currency so far, I hold opinions which are different from mainstream. So when I saw this post on X by Michael Arouet , I felt compelled to shove my oar in: Notice that the first sentence is factual (d...