Do you believe in the “end of the euro,” as evoked by Nobel Prize winning economist Joseph Stiglitz?
First, one shouldn’t necessarily complain about the decline of the euro. A few months ago, it was considered too high. A strong euro is a barrier to exports, and since November it has been noted that export orders are up. So this decline is not entirely negative. Moreover, the Anglo-Saxons have been predicting the end of the euro for 15 years. The single currency has never pleased them, they dream of an end to the euro. But in reality, it would be very complicated. We must consider the consequences, both for those who come out and for those who remain in the euro zone. If you are Greek, and you have some money in the bank, you do not want to devalue your currency by half. In Argentina, the devaluation of the peso resulted in very significant social tension. Moving Greece out of the euro zone would have been a much more violent solution, and full of uncertainties. The Germans also have no interest in this. Like others, they export half their production to the euro zone members. It would
