Greatly divergent economies cannot be held together in a single currency union, and it is blatantly clear that the Eurozone is not an optimal currency zone. Holding the economies of Greece and Germany for instance in a currency union is like a man holding two melons together in one hand. The euro was adopted for reasons of political ideology of EU centralisation and is regarded as sacrosanct by those federalists who proposed it. However from an economical and financial perspective it is indefensible. It is almost as if the Euro was purposely misconstructed from the beginning in order to engineer a financial crisis.
Never ones to waste a good crisis; EU centralisers could then use it as an excuse to demand more power for Brussels and Frankfurt. When you look at the consequences of the Euro, ask the simple question – who has gained and who has lost? It is the unelected bureaucrats of Brussels and Frankfurt who have gained power while it is millions of ordinary people in Greece, Spain, Portugal, Italy and Ireland who have lost their jobs, their wealth and their hopes. It was inappropriate interest rates in Spain and Ireland for instance, allied to free-for-all migration that led to a building boom which ended in an inevitable bust, and mass unemployment. In recent years the European Commission has set out a proposal of ‘contractual arrangements’ between financially distressed Member States and the Commission.
This proposal really means that all future elections in these states would be irrelevant. It is a very sad day on the continent where democracy was born. The Euro has not worked, and in its current form it will not work. It has helped lead to the destruction of nation democracies and once flourishing economies. The sooner people take back their national currencies the better for all of Europe.