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Saturday, April 22, 2006


Arrivederci Euro?

Italys' biggest problem is not whether Prodi or Berlusconi is the head of government but rather the looming disaster caused by the Euro straight-jacket. This story has been running for some time with Italian friends of mine predicting since summer 2005 that the Lira will make a devalued return. Given this Latin re-run of Churchills' gold standard folly is it any wonder that the single currency debate in the UK has gone quiet? And what about the other small economies of Eurozone? Does the Italian present point to a Portugese, Greek or even Irish future?

For nearly a year now there has been speculation about Italy's departure from the Euro. Nothing yet, but having read some of the stuff I wouldn't be that surprised. I'd be relieved if only for the fact that it might make Blair and Brown think twice.
Oh and in the interests of North-South economic co-operation I would suggest that if the Irish Republic ever leaves the Euro that they consider returning to use of the Great British Pound ;)

your link is dated from about the time my friends in Forli started to bemoan the Euro - I think their mother was involved in a supermarket boycott because of price rises since the demise of the Lira.

As for a UK/Ireland sterling area I think the lesson of this is each national economy has to control its' own interest rates, the failure of the Euro is that economic union was not followed by political union. If the Republic was serious about political union then maybe I'd be interested...
The folly of the Euro grows greater by the day. Just look at Germany & Italy - basket-cases that need released from the monetary straitjacket that THEY imposed on themselves!

the trouble is that everyone thought they were getting an uber Deutsche Mark when what they have ended up with is a Euro Peso. The Italians may be suffering, but if I was German I would be spitting.
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