Originally posted by spacedonk
reply to post by Laurauk
I think you are wrong. The Euro will work when Europe becomes integrated into a United states of Europe with political and fiscal unity. The financial crisis just ushers in this integration at a faster rate IMHO.
It is still a currency in it's infancy, ultimately the second the Euro was taken up by multiple nations the path was set for full integration . I think this was noted by te UK which is why we really resisted the Euro. We have retained our sovereignty which multiple nations have given up.edit on 13-12-2011 by spacedonk because: (no reason given)
If initially set up correctly, you would be correct. However, in the political rush to create the Euro no economic / financial safeguards were put in place. The result now is a total mess. Look at what was actually agreed last week at the summit - nothing at all! The markets have reacted as you would expect. The penalties talked about are a joke for nations that can't currently comply - they have no money so how would they pay fines? By the way, if you read the articles they were discussing adding last week then you will see that all fines must be paid in 7 days!
Give it another couple of weeks and we will have another crisis summit. The funniest thing is that by the time of the French Presidential elections, there is a very real possibility that Sarkozy will no longer even be in charge - and his rival says he will follow Cameron's lead in opting out.



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