"At the root of the euro upheaval is a balance of payment crisis caused by the cumulative effects of a 13-year-old one-size-fits-all monetary policy and a fixedexchangerate for a collection of disparate countries in very different stages of economic and structural development, " he argues.
He strangely ignored the fact that China's own overly lax monetary policy, partly the result of its fixedexchangerate, is fuelling bubbles in shares and property.