Has the Euro Already Failed?
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  • Eurydice

    And yet, a union through crisis resolution was part of the original plan. When we early doomsayers first started predicting the demise of the Euro (and we were very wrong about how long it would take) the answer was essentially – “Yes, but the crisis will force everyone to unite and then it will be OK.” The sheer madness was there at day one, as was the failure.

  • Jacksonian Libertarian

    That which cannot continue, won’t.

  • Steven E

    The obvious move on Germany’s part, by the way, is for Germany to quit the Euro. The restored DM will immediately appreciate against the Euro, effectively devaluing all Euro-denominated debt while leaving the value of German deposits in German banks untouched.

  • Snorri Godhi

    What Münchau should be asking is not if Germany will provide the funds that are needed, but whether it can afford to do so. Once the question is phrased that way, the answer is clear: no.

    Is Münchau the only German Keynesian after the fall of the 3rd Reich? he sounds like it.

  • Glen

    One thing’s absolutely true about Europe: their endless prevarication has made for a fantastically profitable opportunity in treasury arbitrage!

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