Question: It has been argued that Greece, which effectively has a fixed exchange rate with the rest of the EMU, would have done better after the

It has been argued that Greece, which effectively has a fixed exchange rate with the rest of the EMU, would have done better after the 2008–2009 recession if it were not part of the EMU and instead had a flexible exchange rate. Does this argument make sense? Why or why not? Discuss, with the aid of diagrams.

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