Has the financial shenanigans of the past two years changed your mind about the Euro?

[Doggy Styles]

Well?

[AtW]

On the contrary - last 2 years only prove that being part of the "reserve currency" club is worth having - Greece, Ireland, Portugal, Italy (probably) would have gone bust if they were outside of eurozone with their tulip currencies.

[TimberWolf]

The whole EU project seems to be about benefiting politicians and screwing the populace. What's the Lisbon treaty about if not that?

Not sure about the Euro. Every currency and economic model is probably doomed to fail for one reason or another.

[TykeMerc]

I was always a bit on the fence with respect to the Euro. With the benefit of hindsight I'm somewhat glad at the moment that the Uk stuck with Sterling.
It would have saved me a fair bit of personal hassle not having to deal with exchange rates over the last few years, but I wasn't convinced being tied into Eurozone policy would be a good idea.

[AtW]

I was always a bit on the fence with respect to the Euro.

To your credit I can say that you were always against sockies - so much that I suspect you are a sockie master yourself, next time don't overdo the hate thing

[scooterscot]

Moving between different countries in the EU without exchange agencies ripping me off every time I need the local currency has always had me leaning towards pro-euro.

[BlasterBates]

The fact that Iceland wants to join the Euro, and Greece and Ireland don't want to give up the Euro, although they could if they wanted and copy Iceland, speaks volumes.

The disadvantage of doing an Iceland, is that everyone gets their savings wiped out. Not sure that I would wish that on the Greeks or Irish. I think enforced pay cuts is a far better alternative. Without the Euro this exactly what would have happened, because there is no way the Irish and Greeks would have financed themselves with Drachmas and Punts they would have had to offer Euro bonds anyway, just like Iceland did.

Small countries can't let their currencies float around, the UK can, but all other countries peg their currencies, so being outside a currency zone doesn't give them freedom tha people claim, and that explains why Iceland has decided to join, otherwise they'd be crowing about it.

[wobbegong]

The whole 'Eurozone' thing always struck me as being more a political tool than a financial one. An attempt to stave off future conflicts by being one homogenous state.

[TykeMerc]

The whole 'Eurozone' thing always struck me as being more a political tool than a financial one. An attempt to stave off future conflicts by being one homogenous state.

There's little doubt that's a sizable part of what the Common Market & EU was spawned by.

There had been a few prior attempts at European domination over the centuries, but they involved mass migration by armed men, this one has been done with less missiles fired.

[DodgyAgent]

On the contrary - last 2 years only prove that being part of the "reserve currency" club is worth having - Greece, Ireland, Portugal, Italy (probably) would have gone bust if they were outside of eurozone with their tulip currencies.

Absolute nonsense AtW. You have neither proof nor logic to support this view. had these countries had their own currencies then property bubbles would have been stopped by rising interest rates. recessions would have meant that the value of the currencies would have fallen which in turn would have made these countries goods and services much more competitive thus enabling them to escape recession much more easily.

The Euro has created property bubbles and saddled these countries with huge debts. They cannot raise interest rates nor can they reduce the value of their currency to stimulate their economies. Instead they have to raise taxation and pay off their debts. The raising of tax will stifle any economic growth that may have gone to help pay the debt. As it is these countries are stuffed - permanently.

The reason they do not want to leave the Euro is because of the sheer cost and fear of doing so.

The Germans have now managed to conquer Europe without going to war.