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Countries too different for Euro to work

The single currency for Europe was a colossal mistake by over-ambitious, but financially ignorant politicians; its failure is inevitable.

A common currency cannot succeed unless the parties to the currency union have common, or similar, financial aims, similar financial structures and similar attitudes to taxation and government finance and - a practical impossibility this - they have a council which can enforce rules regarding amount of debt, interest rates and taxation.

Germany and Italy, for instance, cannot run their finances in similar ways - their peoples are different and have different attitudes to life.

The only practical answer for the countries where the euro has failed to work is for the EU, and particularly members of the eurozone, to arrange a system by which, without loss of dignity by any party, these countries could revert to their previous currencies.

The only real problem here is that many prominent politicians will lose face, which has caused many wars in the past. We must overcome this problem if we can.


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From Belfast Telegraph