Salient to Investors:

Nobel Laureate Edmund Phelps warned against the dangers of EU membership saying we are still learning about the European experiment and to what extent it is going to succeed or fail. Phelps cited huge blanks and huge gaps in the euro area – each country is subject to a flight of capital, flight out of the currency, flight out of bank deposits into other countries.

Phelps said Iceland would be better off considering exchange rate regimes that link it to other currencies, including the Canadian dollar or the Norwegian krone.

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