When the Euro was contemplated and the run up to it’s introduction was nearing I recall reading many economists who predicted it would fail within 5-7 years.
The biggest issue according to these experts was the lack of a mechanism to force the member nations to adhere to the rules of the union regarding debt.
Looks as if they were right.
The conservatives are always right. Does not matter though, nobody ever learns any lesson that will apply to the next big idea coming from the leftist mobs. Just the same conservatives will downplay the next big idea, and at best they will be patted on the back saying “don’t worry that won’t happen”, at at worst they will be demonized for standing in the way of progress and humanity.
Yes, I recall people predicting it would fail for pretty much the exact reasons that are playing out. It has taken longer than some of them predicted; on the other hand, since the implementation of the Eurozone (the currency, that is) it has pretty much been one crisis after another.
Brings to mind a segment about MAED mutually assured econmoic destruction. If one goes down we all go down. A socialist utopian experiment gone wrong as usual. The evil is at work here as well
As I recall, the referendums in several countries voted against joining the currency. The politicians then pulled an end around and joined without the permission of the people using some technicality in their treaty laws.
Now the people will take the hit, not the politicians that cheated their way into this insane currency.
Also, each country that joined the Euro was supposed to meet (before joining) certain minimum standards of fiscal responsibility. If memory serves me, at least several had to perform some serious accounting *fraud* in order to give the appearance of compliance. All done with a nod, wink and a snigger.