Friday 2 December 2016

We best get working on a Plan B as the next recession will kill the euro

Published 15/07/2015 | 02:30

German Chancellor Angela Merkel leaves a news conference at the end of a eurozone leaders summit in Brussels on Monday. Photo: Reuters/Philippe Wojazer
German Chancellor Angela Merkel leaves a news conference at the end of a eurozone leaders summit in Brussels on Monday. Photo: Reuters/Philippe Wojazer

The euro is one recession away from implosion and its architects know this. The next time the European economy slows down, this thing will blow apart. Indeed, it might not necessarily need a continent-wide downturn for the next fracture.

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We, in Ireland, should be prepared for this eventuality.

Before we discuss the economics and politics of the past few days, let's examine the appalling management of the euro system. Remember this is a currency with aspirations of replacing the dollar as the world's number one means of payment.

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