Tuesday, 22 May 2012

German socialist politician and economist: "Europe does not need the euro"

Thilo Sarrazin, the social democratic politician and former member of the Executive Board of the Deutsche Bundesbank, is again stirring up strong reactions among politically correct politicians and commentators in Germany. The German daily Die Welt  has published an interview with Sarrazin, in which he responds to questions about his new book  "Europe does not need the euro". 

As you can see from these short excerpts - here freely translated - Sarrazin is not afraid of calling a spade a spade: 

One can argue whether Chancellor Angela Merkel is smart. But she is intelligent, in any case - so intelligent that she already long ago stopped arguing that that the euro has brought us great economic success. Therefore, as the development turned critical, she found the beautiful formula: "If the euro fails, Europe fails." So like a general trying to motivate here own troops,  she invokes disaster in case of defeat.

But I say: Everything that makes up for me, Europe - that is, peace and freedom, work for all who want to work, and ultimately growth and prosperity - all that that does not depend on the euro.


Europe was more stable before the introduction of the euro. The euro has destabilized Europe. The single currency has brought no significant benefit - we have a little savings in transaction costs. 

Just look at Sweden and Switzerland - these countries have kept their currencies, their economic development has been more successful, their debts are far below the German level. 

1 comment:

A K Haart said...

"Europe was more stable before the introduction of the euro."

And I think they all know it. What next though?