03-07-2016, 01:19 PM
We've already argued for years that the euro has been a tragic mistake and the odds are on that it will end very badly. Former BoE governor Mervyn King isn't optimistic either:
Germany’s membership in the euro zone has achieved the opposite of what its architects intended because the single currency has driven its constituent nations apart, former Bank of England Governor Mervyn King said. “I worry that this is now going to be a battle between the political will of an elite that created this who daren’t now admit that it was a mistake, and economic arithmetic,” King said on the BBC’s “Andrew Marr Show” on Sunday. “We’re all going to suffer from that.”
Germany Suffers Euro Headache That Will Hurt Europe, King Says - Bloomberg Business
And then there is formerly thriving Finland..
Few Finns probably thought that adopting the euro would mean more work for less pay. Yet trade unions are now getting ready to sign off on a deal that will cut workers’ income and raise working hours. Unveiled last week, it’s designed to boost competitiveness as the Nordic nation struggles within the constraints of the euro zone. The board of Finland’s biggest union, SAK, convenes on Monday to give it its final blessing, which would drive forward a painful process first kicked off by Prime Minister Juha Sipila after he took power in May. But it could be a tight vote. Four of SAK’s most influential members, representing 40 percent of its members, have already said they will reject the deal.
For Finnish Workers, the Euro Means Longer Hours and Lower Pay - Bloomberg Business