>In a recent Cambridge Journal of Economics, Thomas Palley argues that as
>the European nations are more dependent on imports/exports, their central
>banks attempt to maintain the value of their currencies through even
>tighter monetary policy than in the US. The constrictive effects therefrom
>yield the higher unemployment.
The overwhelming majority of European trade is intra-European, and the EU will be a large, closed economy like the U.S. and Japan, not a small, open one like Norway.
Doug