The health of the Euro. Discuss.

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Permalink Reply by Clive Carter on May 5, 2012 at 12:26

Thanks for the reference. I note you left off his qualification "if it survives", which puts Mr Heseltine's claim into a different light. I might agree with his assertion (in the very long term) except with his guess that it will survive (i.e. in its current form).

I suppose the next question would be, if one, two or three countries exit the Euro in the next three years, has the Euro survived?

Or, how high does unemployment have to get in the Eurozone (currently 11%, its highest ever) before the Euro is judged a failure?

And if the relatively low rate of unemployment in the mighty German economy is factored out of the average, the figure for the rest of the Eurozone will be worse and for Greece, Spain, Portugal and Italy, far worse.

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Permalink Reply by StephenBln on May 5, 2012 at 13:56

I note you avoid all the points I made.. although it is easy to point the finger to other's woes rather than confront your own country's. Especially if you are supporter of one of constituent parts of the current government.

and BTW your darling BBC told a 'white lie' about German Unemployment this week  http://www.bbc.co.uk/news/business-17921071  It is in actual fact still falling not rising..  here: http://www.tagesschau.de/multimedia/bilder/arbeitsmarkt454.html

I also heard a government minister repeat the chant on radio 4 too.. On the one hand they preach that you are better off outside the Euro, but the Euro is also deemed responsible for your woes.. I can't see the sense of being out of something that is so important to your economy..  and having no voice at the decision making level.. No wonder your media gets hysterical about it all.. I understand why the British public are anti. Euro .. you have been fed a diet of lies from both political sides for many years.. just to suit their needs ..

and BTW Clive , I'm not actually sure what your agenda is..  to talk down the Euro - still the world's no.2 currency.. and at the same time ruining your own economy  or do you really want to free up the German & a few other economies to roar off and leave you standing ?  Is that what you really want?  I'm not sure you or the media in the UK have seriously thought through the implications or your actions..

Try spending some more time trying to create a manufacturing base in the UK . that would be a better use of your time..

BTW: this was written post my comment to Andrew below .

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Permalink Reply by John D on May 5, 2012 at 16:30

Nothing to do with the Euro Stephen. My comment was in relation to the liklihood of the Greeks voting for austerity. I do not support speculation and I agree with your last sentence.

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Permalink Reply by Clive Carter on May 16, 2012 at 10:26

This morning on the radio, the irresponsibility of the euro defenders was laid bare.

Richard Corbett, a British advisor to Herman van Rumpuy (president of the European Council) said that there was no (contingency) planning for Greece to withdraw from the Euro, because to do so could be a self-fullflling proposition.

This follows the overdue public comments from Christine Lagarde (MD of the IMF and former French finance minister) that the EU needed to ensure that it had the technical means to handle such a withdrawal. The immensely capable Ms Largarde has likely believed this for some time.

And yet no preparations appear to have been made because a country withdrawing was said to be illegal, impossible and of course, unthinkable.

The head-in-the sand approach of Mr Corbett is akin to refusing to have a police force or refusing to build a hospital. Or refusing to write a will, lest it hastens one's death. IMO, there's been a severe lack of leadership over this which is dangerous for all of us.

Britain could probably play a useful, helpful role in easing the terrible fall out that could come, but probably resists because doing so could arouse even greater resentment amongst our European "partners". What a mess.

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