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Old 11-02-2011, 09:01 PM
dieter dieter is offline
 
Join Date: Dec 2008
Posts: 237
Default Re: Foreign Policy Rant Edition (Heather Hurlburt & Daniel Drezner)

Quote:
Originally Posted by apple View Post
This sounds absurd. Did you mean 10% of GDP growth?
No.

This is due to lack of currency appreciation and the higher real interest rates since the introduction of the Euro. It used to be that the Deutschmark would appreciate every couple of years. This boosted real incomes. The Germans also enjoyed low real interest rates and low inflation at the same time.

Direct payments to the EU and the ESFS make up only a small fraction of the cost. There is also a significant transfer going on within the ECB.
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