Monday 5 December 2016

Euro cannot survive Germany's destructive charade

Published 14/10/2012 | 05:00

The efforts of those trying to repair the faulty handiwork of the eurozone designers are constantly undermined, writes Colm McCarthy

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Government policy has been based on an expectation of economic recovery, with regular postponements of the commencement date. The IMF World Economic Outlook report released last Tuesday admits that expectations were too optimistic for Ireland and that the prospects for early recovery in the eurozone generally are poor.

Irish policy also assumes that the eurozone will survive and that the larger member states, especially Germany, are committed to ensuring its survival. Accordingly there is no need to contemplate, in public or in private, the policy options which might be available in the event that a proper monetary union cannot be constructed and the experiment has to be abandoned. There have been further installments these last few weeks of the one-step-forwards, two-steps-back routine which has characterised German policy since the crisis broke. Germany commits repeatedly to the objective of a successful monetary union while ruling out every step necessary for its attainment.

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