while a single currency is a definite convenience, without a sovereignty behind it.... its ill-fated at best.
but ... a single currency is not nearly as necessary for movement and trade as it was even 10 or 20 years ago...
what with everybody carrying a cellphone (or tablet or computer) which can provide easy and instant currency conversions in real time.
so, I would suggest letting the Euro currency go.
better than taking away 20 nation’s sovereignties and shoving them all under (unresponsive, dictatorially-inclined and otherwise problematical) the Brussels bureaucrappy.
Id worry that S0r0$ might attack individual European currencies.
Brussels is a much greater threat to freedom today than Moscow. With an unelected bureaucracy now strangling what remains of EU member states’ sovereignty, a new beast is rising in Europe.
They should have listened to Margaret Thatcher.
These bozo just want to accumulate power. I guess it's easier in Europe.
/johnny
the real problem is the surrender of sovereignty to “save” the single currency is not a necessity for the economic well being of the people and nations in the Eurozone, because THAT is much more dependent on OTHER labor and trade decisions they make, and can make individually, than which currency an exchange of goods or services is or is not denominated in.
The analogy to the U.S. proves the opposite of what the PIMCO guy thinks it does. The states of the United States are NOT all performing either uniformly well, or uniformly bad, just because they all use the same currency. Yes there are national statistics for things like the national GDP, or “unemployment”. They are merely cumulative figures that have summed the figures from all the states. The true health of any state within the United States IS NOT in those cumulative figures, but in the states own performance.
The Eurozone needed total and complete free trade within it, more than it needed a common currency.
Contrary to popular belief the common currency did not arise from ANY economic necessity, but precisely because in time it would lead to calls for less sovereign rights in the member states and more power in the hands of EU central planners.