Europe, a troubled region – Globe Asia – May, 2013

Professor Steve Hanke explains how exchange controls are exacerbating and not improving financial conditions in Cyprus.

“The most recent banking crisis in Europe erupted on the Island of Cyprus. Among other things, one result of the final EU-IMF bailout package was the imposition of capital controls, or restrictions on currency convertibility.”

“Full convertibility is the only guarantee that protects people’s right to what belongs to them. Even if governments are not compelled by arguments on the grounds of freedom, the prospect of seeing every asset in the country suddenly lose value as a result of exchange controls should give policymakers pause.”

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