Saturday, April 12, 2014

Not All Germans Are Blind-Folded About the Euro!

Hans-Olaf Henkel is Germany's most critical voice regarding the Euro as a "one-fits-all" currency. His judgement carries weight since, for many years, he has been the most prominent voice of German industry. Henkel had been a passionate supporter of the Euro in its early years. Since the crisis, he 'has seen the light' and became an opponent. Below is a very apt quote from this article in Die Welt.

"The Euro is far too strong for the economies of Southern Europe and France. Of course, Germany still benefits from the Euro so far. But what kind of a ludicrous system is that which allows Germany, as a result of a currency which is too cheap for the German economy, to export too easily when, at the same time, it requires German tax payers to carry the financial consequences of a currency which is too cheap for Germany but too expensive for the South?"

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