Wilhelm Hankel: Idea of euro is wrong idea

Wednesday, 04 July 2012 17:57

Economics professor Wilhelm Hankel told RT that the single currency is no longer viable. He argued that the EU would never be one nation like the US, with one currency. “Europe is not a nation” but a “diversity of nations and diversity of states”. “And any state is responsible for the welfare of its own citizens.” Therefore, according to Hankel, in the context of the EU, “common currency and responsibility of the states for their own people” cannot be achieved at the same time.

He added that the euro will not survive without a strong political union. “If we want to have United States of Europe we need a political union, we need a common constitution, we need common referenda of the people, we need what we do not have in Europe – a common people, common demos.” “The Greek euro is not equal to German euro … and in case of Spain, interest rate must be higher and in case of Netherlands or Germany, it must be lower. So it is a complete mismanagement even in monetary and financial terms what we have now in Europe.”



Courtesy of RT.com

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