Irish not to blame, the flawed euro is
Cambiz Alikhani, economics guru to the Guinness family, believes our EU partners should share our burden
Published 12/12/2010 | 05:00
WHILST a two-speed euro is a theoretical possibility, it is the least likely of all the outcomes. The reason is political rather than economic.
It would essentially entail a return to a pegged currency as was the case under the European Exchange Rate Mechanism and I just don't see the politicians winding the clock back only to then espouse ambitions for a single currency again.
So, while from an economic perspective a two-speed euro may make sense, for the last two decades politics has overridden economics and I believe it will apply here too.