Introduction
According to the major political economists the basic prolific loss of the financial sovereignty is one of the reasons for which the southern periphery fared so badly in the crisis of Euro area. Financial sovereignty or the monetary sovereignty actually means the ability of the central bank to actually devalue the major exchange rate or to buy the government debt by printing the domestic currency. Many economists like Hall and Scharpf have argued on the fact that the Southern European economies basically lack the major institutions to potentially restrain the increased wage in line along with prolific growth of Continue reading...