Northern European elites oppose eurobonds because they finance the US deficit

Evidence

That would turn the euro into a reserve currency challenging the dollar’s supremacy. But then the US would find it harder to finance its trade deficit, which is the source of demand for the net exports – and capitalist profits – of European surplus economies, like Germany’s and Holland’s. Is it any wonder that Northern Europe’s capitalists and governments oppose the completion of Europe’s monetary union? — Yanis Varoufakis, Technofeudalism, 977

Categorization

• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 977
• XREF: connects to: The Eurozone crisis was wrongly blamed on sovereign fiscal profligacy — Mark Blyth, Austerity: The History of a Dangerous…, 152

Broader Connections

• The Eurozone crisis was wrongly blamed on sovereign fiscal profligacy #complicates (0.75) — Mark Blyth, Austerity, 152