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Is the Euro Dead? (Or does it just smell funny?)

Of all the shotgun weddings and arranged marriages which have taken place in the EU, the joining together in a single currency was one of the most bold. The question is that with the various crises besetting economies in the Euro zone, will the idealism which heralded its introduction be enough to sustain the currency?

Increasingly those in the know don’t think so. And if the Euro perishes on the rock of reality, what then for the EU itself?

In today’s Independent Sean O’grady takes a tentative glimpse into the future

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9 Responses

  1. I much prefer Ian McWhirter’s take on things published in yesterday’s Sunday Herald. I think you will especially relish his last sentence Ben-Lo.

    http://www.heraldscotland.com/comment/iain-macwhirter/can-the-euro-survive-while-economies-fall-like-dominoes-1.1071216

  2. I actually had the paper FC but only just read the article. Ian McWhirter is a smart cookie and whilst I agree with him on many things I feel that in this particular article he is working on many assumptions of how governments will behave.

    In brief my view is this:

    1) The switch to the Euro has coincided with the biggest debt crisis in Europe in living memory. Maybe there is no connection between the two but you know how people think.
    2) At every limited opportunity (save for the staged re-run in Ireland) the citizenry have had a chance to offer their opinion on the closer integration of the EU, they have rejected it.
    3) France and Germany despite being the pivotal axis on which the Union revolves are going to expose their own economies to huge risk in sorting out the “PIIGS”
    4) As people struggle with economic hardship they might actually sit up and take more notice of the pish that rains down on them from Brussels and they will be holding their domestic governments more to account for that.

    The consideration of these particular components lead me to conclude that the notion of the end of the crisis seeing the Euro survive in its present form and Britain joining it, are far off if not far fetched.

  3. I used to work directly for the EU. Whilst your analysis is perhaps a little simplistic, your conclusion is spot on.

    • I’m playing Devil’s Advocate here but hasn’t the EURO raised tens of millions of Europeans out of poverty, especially in places like Poland, Slovakia, Slovenia and the Czech Republic?

      And why is it has been the Med countries on the whole (irresponsibe, carefree, tax-avoiding and all that) that have caused this crisis and the responsible Northern countries ( Denmank, Holland, Germany and Sweden, where the protestant work ethic is strong and everybody pays their taxes) that are having to bail them out.

      I think it is naive and simplistic to simply to put all the blame on the EURO. The politician which espouses all this isold frog-face himself – the UKIP leader

      My wife recently said to me: ‘why am I not surpried to find out which countries are in financial meltdown?’

      • C’mon Jimmy J. let’s no beat aboot the bush, tell it like it really is. You and your Mrs’s economic theory is no doubt spot on, the main and perhaps the ONLY reason that those warm, sunny, irresponsible countries are experiencing their current economic meltdown, is simple. They are all Tims, Fenians, Papes and Dogans, end of story.
        Mind you, that would not explain the plight of the Icelanders, being such fine upstanding Nordic Lutherans. Whit aboot those French bastards, don’t they fall into the subset that you allude to? Nor would it explain the ongoing economic chaos in the good ol’ US of A, home of the Tim hating , former acoholic, drug addicted evangelical, gay bashing, stars and stripe waving, born again Christians.
        As they say in the movies “follow the money” and you will see where the real wankers lurk. Much of the loans made to those counties are held by exactly those countries that you so espouse, and it is they that should share the blame for the current shit we are all in.

  4. I wasn’t seeking to blame the Euro, simply pointing out the fact that its introduction has coincided with this mess. It’s interesting that during all the preamble to the introduction of the single currency it was portrayed as some sort of panacea to the continent’s economic ups and downs. Not since they pedestrianised Dumbarton can a policy have so spectacularly achieved the complete opposite of its stated aim 8) .

    Jimmy and Tam, the sooner Europe in general and the west of Scotland in particular is free of prodism and timism, in no particular order, the better.

    • Rab, I could not agree more and I hope that my response to Jimmy is not percieved as a defense of timism because that would be the last thing on my mind. Had the shoe been on the other foot (excuse the pun) then my response would have been the same. I think that this particular “ism” is almost unique to the west of Scotland and the north of Ireland.

      • Tam, Jimmy was probably on a fishing expedition, he’s well known for it.

        • Generally the more corrupt and dishonest a country and its people the worse off they are.

          Greece is of course the worst in the EU and the level of corruption is on a par with Nigeria, Haiti, Bulgaria and WestDunbartonshire.

          A friend of mine said when I was visiting him in Athens 3 years ago, where he’s lived for 22 years and worked as a hairdresser for the richand famous, people don’t pay their taxes here, cheating is endemic and the country can’t go on like this much longer. and so it has turned out.

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