19 Sep '11, 3am

Even at its birth, the Euro looked doomed to fail: Commentary

Many analysts have been predicting the break-up of the Euro but as far as I know there is no legal way for any country either to exit or be expelled from the EMU. I make a distinction between EU and EMU as the Lisbon Treaty does have a provision for a negotiated exit from the EU. The EMU mandated the irrevocable conversion of the currencies of the member states which join the Euro, thereby leaving no exit mechanism. Any change to the treaty provisions would require unanimous agreement by all member states, which as we all know will be a long drawn out process involving referenda in the member states and with no guarantee of success. The alternative would be for a country to exit unilaterally repudiating all treaties which would bring up more problems than solutions. So it does look like a mess which is not likely to be cleared up anytime soon. The economic consequences of ...

Full article: http://www.todayonline.com/Commentary/EDC110919-0000284/E...

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