[a freedom-loving italian]

Dear FRiends, I have always been an eurosceptic, I have always thought that the idea of a single currency for 15+ different economies is utter nonsense, but this really beats my worst expectations.

In less than 3 years the introduction of the Euro in Italy has brought about an economic recession (see http://www.freerepublic.com/focus/f-news/1403695/posts) and now a looming financial crises.

But worst of all there is one fact: living in Italy has become simply impossible for most of the middle class because of the Euro, as prices have sky-rocketed while wages have not. Now even US expats can no longer afford to live here: http://www.usatoday.com/news/world/2005-05-09-italy-expats_x.htm

So SCREW THE EURO AND MR PRODI!!

[billorites]

I spent several weeks in Italy over New Years.

Hung out near Milan and in Florence.

The Italians are hurting because the Euro, and the currency unification, has left them enjoying a lower standard of living than they are accustomed to.

Lot's of unhappy Italian campers over there!

[John Lenin]

[Brilliant]

You wonder why the Europeans still support the EU.

[speedy]

Bring back the lira and Italian prosperity!!

[oceanview]

can cheaper Ferraris be far behind?

[Sidebar Moderator]

Please use the original title. Thanks.

[Betaille]

What would the process be for withdrawing from the Euro?

[glm]

While trying to return home from Rome, there was a work slowdown at British Airways -- the Italian airline clerk explained the problem-- He made approximately $2500 [value stated in US dollars} a month before the euro and was forced to accept the now $1250 [US dollars] salary after the euro. They were told to just eat the drop in pay. As a result the baggage checkers would routinely just stop working. For some reason the Italians don't like us any longer.

Glad we got there 3 hours early (as suggested by our hotel manager).

[rmmcdaniell]

Public debt is 105pc of GDP, and rising fast. Some $192billion of debt is due in 2005. The "spread" between Italian and German bonds has edged up over recent weeks, but there is no sign of real concern.

I don't know why everyone on this thread is blaming the euro. Clearly, the problem is socialist governments that can't control spending....and now can longer just print money to pay for it.

[Malesherbes]

Hard to find any fans of the euro. The Germans call it the "Teuro," a play on the German word for expensive.

I note that Warren Buffet is now bullish on the British pound instead of the euro. Either through wisdom or sheer dumb luck the Brits stayed out of the Euro-Zone, and stayed out of the European Central Bank, and are prospering while continental Europe stagnates.

I love Italy and its people. It may take a crisis to bring things back to where they should be, but I wish Italy well.

[Fred Hayek]

I remember Larry Kudlow (I think it was on the McLaughlin Group program) one time refering to the Euro as the Europeso. The EU is going to be a disaster. Micromangement of local concerns from Brussels will not work. Of course there are rear echelon types in Brussels who would like to see such an opinion be treated as a felony within the EU.

[investigateworld]

Italy makes some of the finest wood working equipment in the world, I have confidence you guys will pull through.

[stefan10]

1. after our last discussion i visited the OECD homepage and looked up the Italians numbers.
Italy has no inflation problem and has to pay much lower interests for their dept.

2. Italy tried the devaluation policy for decades but in the long run this policy leads to additional problems.
You will loose international investments and have to pay unbelievable high rates while the benefit of the devaluation is only short.

3. The Italian economy must learn to live without the sweet poison of currency devaluation and Italy will benefit from that in the long run.

4. I would agree that the ECB must change their policy in some ways. They must add the support of economic growth to their goals as the FED in the US but the ECB was build like the German Bundesbank.

5. I always thought that the argument countries like France and Italy need a different policy than for example Ireland is the best argument against the EURO but last week the ECB published a survey that this is not the case.