"Telegraph View: The central bank is running out of ways to save the eurozone, just as David Cameron says Europe is in our economic interest" Exactly! You really couldn't make it up!! And the Financial Times says 'the common currency was a misconceived idea in the first place.' So much for 'the UK's main marketplace' - a marketplace where nobody can afford to buy what you're selling? I've been saying for 6 years it should be wrapped up all nice and tidy by members of the Eurozone reverting to their original currencies in a controlled fashion, rather than everything spontaneously crashing down about their ears, and then go back to status quo ante. http://www.telegraph.co.uk/news/new...Bs-desperation-shows-the-risks-of-the-EU.html
I don't think the real problem is the Euro. The EU, including the common currency, was a great idea that worked splendidly until - in what history will likely describe as a self-destructive orgy or acquisition- the EU absorbed all those totally dysfunctional former Warsaw Pact states. All of the present EU disarray and weakness of the Euro stems from that. It would have been interesting if your Mr. Cameron had added one more condition to his reform package: Eject all EU members east of Germany. Some would argue this would mean giving them back to Russia, but if Putin is a savvy as he seems, he won't want them back.
Yes, a great idea for bureaucrats, and unseated or otherwise failed politicians** from all the member countries who have found themselves out of domestic politics to carry on their parasitical lifestyles. No wonder none of them want it to end - it's an excellent retirement plan, where the rest of us pay the premiums for them. ** and friends and family
The problem is the Euro currency is issued by multiple banks, and the entire monetary concept is based on the full faith and confidence of all the participating Nations. Therein lies the problem, because some banks have been diluting the value of the currency they issue for their own national benefit. The E.U. has set rules in place to try to prevent this, but it is easy for these countries to skirt around the restrictions. The ultimate penalty would be expulsion of these nations from the monetary union, but everyone is reluctant to carry out the threat.
