In a Politico column, Yannis Palaiologos bitterly complains about the counter productive role that Paul Krugman, Joseph Stiglitz, Jeffrey Sachs and James Galbraith played in supporting members of the Greek government in the run up to the recent climax of the Greek crisis.
- Policy makers confuse debt and financial crises with a currency crisis.
- Different crises call for different policy responses. Many of those lie in the national policy domain, not the supra national one.
- Shifting too much policy responsibility, too quickly to the European level sows the seeds of new problems.