The Euro Project Has Failed

lDr. Michael LaitmaOpinion (Sir Christopher Pissarides, School Professor of Economics & Political Science and Regius Professor of Economics at the London School of Economics, Nobel Prize winner for economics in 2010): “One of the world’s leading economists will today admit he was wrong to back the creation of the euro – and call for it to be dismantled.

“Sir Christopher Pissarides, who won the Nobel Prize for economics in 2010, was once a passionate believer in the benefits of the single currency.

“But in an extraordinary change of heart, today he will warn the euro is creating a ‘lost generation’ of unemployed youngsters and is ‘dividing Europe.’

“The Cypriot-British economist will call for action to ‘restore the euro’s credibility in international markets’ and to ‘restore the trust that Europe’s nations once had in each other.’

But, in a lecture at the London School of Economics, where he teaches, he will add: ‘Regretfully, I do not see either materializing.’ …

“Experts believe Europe will never be able to implement the policies required to boost growth and create jobs because of the huge differences between economies across the region. …

“He will say that unless there is a dramatic change of policy the euro should be broken up.

“‘The euro should either be dismantled in an orderly way or the leading members should do the necessary as fast as possible to make it growth and employment-friendly,’ he will say.

“‘We will get nowhere plodding along with the current line of ad hoc decision-making and inconsistent debt-relief policies.”

My Comment: Such views are increasingly heard among specialists. But how can this project be rolled out without destroying all of Europe and plunging it into a deadly conflict? Isn’t it better to accept the program of the integral education and transformation of the EU that should have been done before forming the EU?

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