By Jason Moore

TENTH anniversaries are usually marked and in most cases in style. But a 10 year anniversary has recently passed without the sounds of champagne corks. Ofcourse I am talking about the euro single currency, which has been with us for ten years. You can understand why no celebrations have taken place, there are some who believe that it will not pass its 11th anniversary. The euro continues to be in crisis and the eurozone appears to be totally incapable of fixing it. The obvious suggestion is to eject Greece, which should not have been allowed to join the single currency in the first place. Germany needs to use more of its enormous reserves to save the currency which has obviously helped the German economy. The euro has been blamed for many of the faults within the eurozone. But this is not really the case. Successive government across Europe, especially in southern Europe, have spent billions and now they have nothing left to face the uncertain future. There is no money left in the bank. The euro has been blamed for enormous pay increases; but it is not the fault of the single currency. It is the fault of business who seized the opportunity of the currency changeover and increased prices. Now, the euro faces a fight for its life. It is the first real test of European unity. As Chancellor Angela Merkel has said if the euro fails then Europe fails as well. Let us just hope that the single currency is still around in 20 years time.


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