Martin often talks more sense than most papers…
“I am convinced that the Germans, French, Italians, Spaniards, the Dutch may not agree on things as to using its own taxpayer´s money to help the new members of the EU, but they all agree that without the euro they are all worse off.”
Of course he’s right.
However, there is something that most commentators don’t get.
“I just came back from New York City and all my friends in finance over there seem to be convinced that the euro will not survive this crisis. The New York Times and other top media all had articles about this. They think that euro nations will not agree on monetary policy and the French Franc, the DM, the Lira, the Peseta will be reborn.”
And exactly how will all these currencies be reborn? There’s the practical side of printing the money and distributing it etc. but there is also the rate at which they’re going to be reborn.
If you’re sitting in government in Italy, do you really think that the answer to your problems is the Lira?
These people haven’t really thought it through have they?