A propósito de um artigo de John Plender no FT em que estranha o facto de os mercados apenas "atacarem" os países que não dispõem de moeda própria, considerando que isso contradiz a tradicional preocupação dos mercados com a inflação. Krugman refere que:
"(...) Part of the answer is that countries on the euro are stuck with a severe competitiveness problem that can only be resolved with grinding deflation, making their debt problems worse.
On top of that, however, is the proposition that countries without a printing press are subject to self-fulfilling crises in a way that nations that still have a currency of their own are not. The point is that fears of default, by driving up interest costs, can themselves trigger default — and that because there’s a crossing-the-Rubicon aspect to default, once a country crosses that line it will probably impose fairly severe losses on creditors. A country with its own currency isn’t in the same position: even if it is pushed into some inflation, there’s no red line that need be crossed."