I’m hard at work in the final stages of editing for the October Garland Report Monthly, which is a look at what’s next in the often-unstable European economy.
Just as in last month’s report on Detroit, the story hinges on which institution can take responsibility for economic failures. Today in Europe, the “lender of last resort” is the European Central Bank.
I found this excellent brief tutorial on exactly how the ECB functions.
Have a look – and thing about what Greece, Ireland, Spain and Portugal mean to this system.