The Euro is “Dead”, but nobody wants to admit it.
The European Commission’s top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.And the EU elites are so fanatical that they are willing to risk another global crisis to get the power they are so desirous of. They planned this, and even admitted it in public. What would be done to US politicians making such admissions in public? but these euro politicians get away without even a bit of negative press.
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …