The European periphery is qualitatively dierent from the core.
This implies that a monetary and scal policy mix which benets the core will not, by denition, benet the periphery except by coincident or accident. The debtor nations are also qualitatively dierent from the creditor nations. There is a distinct, but not total, overlap between the core and creditor countries, and between the peripheral and debtor countries. The (biased) case for the periphery is made in this article.