THE EURO VERSUS EUROPE

“The present euro zone structure is devastating for Germany. Our economy is bleeding. And I am convinced the UK would be crazy to join – you should stay out for as long as I can foresee… Deflation has already arrived, in that our economic dynamism has disappeared. There is no willingness among the private sector to invest, and euro zone rules have cut back public investment to an extent we haven’t seen since the war… [T]he whole system could eventually collapse, given the problems when one central bank has to steer an entire continent of nation-states. Certainly, the more countries that join, the more ungovernable it will become. In that sense, the euro was born to die.” – Wilhelm Nolling, fomer director of the Bundesbank, to Britain’s Channel Four.