Second Thoughts About The Euro

We all have second thoughts about decisions we make. Some of them, however, are about more important topics than others. The leftwing opposition politician who helped to put the euro in place now says it’s time to abandon this currency.

Oskar Lafontaine, Germany’s finance minister when the euro was adopted, now says that the enormous economic issues in southern Europe mean that it’s time to get rid of the euro. As explained on Huffington Post, “struggling eurozone countries have not been able to devalue their currencies to help them cope with the economic crisis that has seen several slip into recession.”

What does Lafontaine propose instead? He now argues that it’s time to restructure Europe’s banking system while creating stricter controls on lenders and going back to the European monetary system that preceded the euro.

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