Failure of the single currency in Europe

Posted: Dec 08, 2011 |Comments: 0 |

I am 62, not an economist or a politician thank god, but I am a businessman and have worked for the past 45 years in four different careers. From a cartographer in the public sector for the first 4 years, then as a parts manager in a garage for 3 years, then as a salesman to managing director for an automotive aftermarket specialist that I helped build into the market leader in a 20 year career, latterly I have worked for 18 years as an independent trainer and management consultant.

I consider myself reasonably intelligent, but more street wise than academically so. I write a bit but read a lot more. I might not be as qualified as some to comment on the situation in Europe at the moment, but think there are one or two points that those eurocrats in all their blind ambitions have missed.

The point I am coming to is that in joining all 17 of the EU's euro zone countries together under one set currency doesn't allow for adjustments to be made for successful verses unsuccessful economies.

Take the example of Greece verses Germany, one has the most successful economy in Europe the other country has one of the worst performing economy's.  I am not going to cover the reasons why as that is not my remit here. In the good old days the drachma would have been devalued several times now and when compared to the deutschmark, which in the same time would have been revalued in the opposite direction. There would be several drachmas to the deutschmark.

Under the present system one Euro in Greece is the same value as one Euro in Germany, how can that be right? It might have been ok for a few months even possible to cover the discrepancies up for a few years as they did. But most (not all) of the problems with the Euro in Europe today is just this point. There is no working mechanism for adjustments to be made.

The EU has 27 different countries whose economies are working at different rates with different results. The Euro zone has 17 and either it all has to become one country (which is the Eurocrats secret agenda) or there should be a two or better a three tier system to allow for these differences to take place.

Johnny Herbert

Retrieved from "http://www.articlesbase.com/economics-articles/failure-of-the-single-currency-in-europe-5467041.html" John Herbert - About the Author:

John specialises in Sales Skills, Major Account and Sales Leadership training and is the author of TURN the Sales Questioning Technique. After twenty years selling at all levels in industry, and since 1993 John has run his own training business and developed, written and delivered many training programmes, to thousands of delegates covering a multitude of markets but mainly in sales, from blue chip clients such as Securicor Omega Express, Heidelberg UK, Parker Hannifin Plc. and Omron Electronics to SME's such as Jenrick Plc. Camberley Auto Factors, Lloyds tsb, Peapod UK. Cobalt Telephone Technologies and Ondemand Recovery.

Questions and Answers Ask our experts your Economics related questions here... Ask 200 Characters left How many countries use the euro currency? If econnomy eurozone need to recover why kep euro strong against usd and make dificukt to export and industry in general? If we keep euro at 1,15 or 1,25 to USD economy in Europe would export and revi I am iranian living in europe like to visit dead sea in jordan can you please tell me if any of iranian travel agent in europe have such a tour.....belgium germany holland or france merci Rate this Article 1 2 3 4 5 vote(s) 0 vote(s) Feedback RSS Print Email Re-Publish Source:  http://www.articlesbase.com/economics-articles/failure-of-the-single-currency-in-europe-5467041.html Article Tags: euro, currency, europe, economy, two tier europe, germany, greece, eurocrats, single currency Latest Economics Articles More from John Herbert Progressivism Isn't Progress, VIII

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