View Single Post
Old 04-18-10, 06:20 AM   #8
msxyz
Engineer
 
Join Date: Mar 2005
Posts: 218
Downloads: 14
Uploads: 0
Default

The problem is twofold

It's a problem for the Greek people because they're forced into keeping pace with much stronger economies even if, at the moment, they don't have the means. It should have been better if Greek economy progressed at its own slower pace until it was strong enough.

And it's a problem for the wealthy countries because the problem of Greece becomes the problem of the Union. Every nation (even Germany and France) felt the 2009 crisis. Having in tow several countries won't help them recover as fast as they could in the past.

UK is out of the monetary system and this was a wise decision on their part.

One of the hidden risks of adopting an unified currency is that the single nations loose the ability value/devalue their currency to meet the short term crises. As in Greece case, it means they may face a drought of cash with no other means that cut salaries (which in turns cut national spending creating a domino effect).

As it is now, the EU is a mess; countries forcefully kept together by blind bureaucrats even if they have a different histories, cultures and strengths/weaknesses.

The biggest mistake was trying to convert the ECU/CEE from a common regulated market into some sort of 'United States of Europe'.

Apologies if you felt insulted as a Greek Citizen. I'm not against the people from individual countries but against the blind governments ruling us.
__________________
...Sinking deeper into the cold, dark oceans of life
msxyz is offline   Reply With Quote