10 Nov '11, 2pm

Why Europe may not survive the euro | David Boyle

Why Europe may not survive the euro | David Boyle

Let me say quickly that I'm a convinced European. I am not a Europhobe, still less a xenophobe. But there is still a fundamental problem at the heart of the euro, and any currency based on the idea that money's the same everywhere, like gold. And it's this: single currencies tend to favour the rich and impoverish the poor. They do so because changing the value of your currency, and varying your interest rate, is the way that disadvantaged places can make their goods more affordable. When you prevent them from doing that, you trap whole cities and regions - the poorest people in the poorest places - without being able to trade their way out. Now of course the USA has one currency. So does Britain. But if we're honest about it, we know that hasn't been satisfactory either - because central banks set their interest rates to favour their capital cities. Eddie George admitted a...

Full article: http://www.neweconomics.org/blog/2011/11/10/why-europe-ma...

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