27 de fevereiro de 2011

Pois...


"João Ferreira do Amaral's main thesis was the following. 1) Adoption of the euro led to a systematic bias in the allocation of resources from tradable goods sectors to non-tradable goods sectors; 2) the only way to possibly avoid such bias (and, thus, to prevent the current foreign debt crisis) would have been to devalue the national currency.

True; if (and only if) Portugal merely aims at avoiding foreign debt crisis. But I always thought we wanted to improve our real per capita income (in purchasing power parity, obviously). Think about the crawling-peg 1976-1990. It was instrumental to rebalance our payments balance. To the cost of postponing structural change in our tradable goods sectors. See where that led us: low structural competitiveness and... a foreign debt crisis.

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