Why the Euro is doomed to FAIL!
Markus Kerber a strong critic of the Euro explains why the Euro is doomed to FAIL!
“The problems with the eurozone are fundamentally industrial; fundamentally concerned with the spread of competitiveness. If you look at the development of the last five years there is a great and a growing spread of competitiveness between the northern countries and southern countries. So you have to find a solution to that problem. If we didn’t have a euro most of these countries would simply devaluate, in order to find the time to re-debt their economies. Now they are imprisoned in a currency which hinders them to debt, and which dictates a policy which is: one size has to fit all. And one size in such a situation, cannot fit all, because the euro is too expensive for Portugal and too cheap for Germany.”
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