No Recovery In Sight For The Euro
"The sick money of Europe" (Finance, May 15) concludes that "at some point, of course, the euro will begin to reassert itself. But it may take even longer for the European Central Bank and governments to appear to be in control of their currency again."
I disagree. The realities are that the European Union, as an institution, has two overriding aims--to control Germany such that it never threatens Europe again, and to establish a Franco-German Napoleonic centralist state to counter Anglo-Saxon free-market (particularly American!) capitalism. The euro is the thermometer of this battle.
No politically contrived currency or exchange rate has succeeded since the collapse of the Bretton Woods Agreement in 1973, and the EU is a politically contrived currency, not supported by such strong economic fundamentals as exist in the U.S. It is inevitable that the euro will continue to weaken over the long term because of its very nature. There will come a time when the people of the EU, notably the Germans, will say "enough." What pains me as a Brit, the founding nation of Anglo-Saxon free-market capitalism, is that we joined the opposition.