I do not think Euro is doomed to fail, I think it is doomed to a reform. Time to cut the losses and accept that Euro currency never was a good prospect. It would have been viable if the unity was only members made up of the poor European eastern and Mediterranean countries for them the only way was up.
For the European big two the only way is down. At least the British Government got it right on the No Euro currency vote. Now they need to reverse the hand over of power vote to Brussels. Shake of the fleas or go into the water backwards.There are still some valid alternatives for its members to correct its proven deficiencies, which are less costly, both financially and politically, than to let the Euro fail. Its failure means necessarely default from indebted countries that must resurrect their old currencies and devalue it. As Euro is now, it has proven big business mainly for the Germans but it is not sustainable. Of course, if you are against Euro because you would like Europe to be just a trading union, with no political union consequences, then you must be wishing the failure of the Euro which is a force driving to strengthen politically and fiscally the union of the European Monetary Union members. I think Euro can still be saved and we have read too many false doomed announces already to believe this last one is the good one.
If Euro is not reformed and, finally, it fails, it will not be missed in Spain, Italy, Germany, Greece..., in fact all of us would probably better -off!
For the European big two the only way is down. At least the British Government got it right on the No Euro currency vote. Now they need to reverse the hand over of power vote to Brussels. Shake of the fleas or go into the water backwards.There are still some valid alternatives for its members to correct its proven deficiencies, which are less costly, both financially and politically, than to let the Euro fail. Its failure means necessarely default from indebted countries that must resurrect their old currencies and devalue it. As Euro is now, it has proven big business mainly for the Germans but it is not sustainable. Of course, if you are against Euro because you would like Europe to be just a trading union, with no political union consequences, then you must be wishing the failure of the Euro which is a force driving to strengthen politically and fiscally the union of the European Monetary Union members. I think Euro can still be saved and we have read too many false doomed announces already to believe this last one is the good one.
If Euro is not reformed and, finally, it fails, it will not be missed in Spain, Italy, Germany, Greece..., in fact all of us would probably better -off!
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BY MARCUS WALKER, DAMIAN PALETTA AND BRIAN BLACKSTONE
Last week, as storm clouds gathered yet again over the world financial system, a who's who of government leaders assembled by phone.
The flurry of calls brought to mind the emergency meetings during the 2008 financial meltdown. Presidents, finance ministers and central bankers dialed in, including German Chancellor Angela Merkel, on vacation in the Italian Alps and French President Nicolas Sarkozy from the Riviera. They were all eager to thwart what promised to be a calamitous day's trading when markets opened Monday, as Europe's worsening debt crisis combined with a first-ever downgrade of U.S. debt by Standard & Poor's.
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