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International

The founding father of the Euro predicted its collapse

16:00, Monday, 17 October, 2016
The founding father of the Euro predicted its collapse

The problem is that the European single currency is a project not economic, but political, says the Professor.
     The Euro on the slippery slope to collapse, said one of its founding fathers, former chief economist of the ECB, Professor Otmar Issing in an article for the Daily Telegraph.
     “The whole Euro project in its present form is unworkable and untenable,” said Issing.
     The problem, he said, is that the European single currency is a project not economic, but political.
     Those who thought that the Greek debt crisis will lead to the collapse of the Euro was wrong. Key European players in the first place, Germany invested in the EU so much that he could not give up without a fight.
     However, the multi-billion infusion into the Greek economy only delayed the crisis, says Otmar Issing.
     “The Pact of stability and growth more or less failed . Market discipline was over, thanks to the intervention of the European Central Bank. The triumph of politics over Economics is a fatal defect, organically woven into the fabric of the currency Union since its formation,” continues the Professor.
     The economist predicted that “one day this house of cards will collapse.”
     “In the best case, he says, the ECB will each time to somehow get out, with difficulty trying to cope with one crisis, then another – until then, until a complete collapse,” – said the Professor.
     We will remind, on June 2, the Bank of England have shown the first samples of plastic banknotes.
     In may it was reported that pupura dignity 500 euros will be gradually withdrawn from circulation on the territory of the European Union, it will replace the modified banknotes in denominations of 100 and 200 euros.

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