Sweden and the euro: Out and happy

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Sweden and the euro: Out and happy

via Economist

WHEN Swedes voted in 2003 on whether or not to join the euro, most political and business leaders were strongly in favour. Today even the euro's supporters are grateful to the 56% of voters who said no. As worried investors push up yields on government bonds right across the euro zone, yields on Swedish ten-year bonds have fallen to 1.7%, more than half a point below German Bunds.Anders Borg, the finance minister, still thinks that in the long run Sweden should join the euro. But he seems happy to be out for now. Fears that Sweden, a small export-based economy, might suffer if it kept the krona were a strong pro-euro argument in 2003. Yet Mr Borg says that Sweden has gained something from standing aside. "Being an outsider, you must make sure your competitiveness and public finances are in order. We have had to impose on ourselves a self-discipline that euro countries did not feel they needed. If you know the winter will be very cold, you have to ensure the house has been built well. Otherwise you will freeze."In Sweden this translates into tight fiscal policy, a budget surplus of some 0.1% of GDP and a... 

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Terence’s Stuff: Knowing

As a Chinese, I really like the Confucius' saying in the end.

Sent to you by Feng via Google Reader:

Terence’s Stuff: Knowing

via IMS Bulletin by Editor on 11/17/11

On and off through my career, I've encountered people—usually students, occasionally faculty members—who didn't know what they were talking about. Of course that was just how it seemed to me at the time, and I may have been wrong. However, I think I'm able to work out whether someone talking the talk has also walked the walk, at least in the areas with which I am moderately familiar. As with Lieutenant Columbo, a few "dumb" questions are usually enough.