The stability of the Euro currency
I had written yesterday how the
Euro is tanking and how Germany was considering re-introducing the Mark to separate its strong economy from the weaker ones in the EU.
Now it seems that Italy is thinking about the very same thing.
MyWay/Reuters has the story:
Italy minister says should study leaving euro-paper
Italy should consider leaving the single currency and reintroducing the lira, Welfare Minister Roberto Maroni said in a newspaper interview on Friday.
Maroni, a member of the euro-skeptical Northern League party, told the Repubblica daily Italy should hold a referendum to decide whether to return to the lira, at least temporarily.
He also said European Central Bank President Jean-Claude Trichet was one of those chiefly responsible for the "disaster of the euro."
The euro "has proved inadequate in the face of the economic slowdown, the loss of competitiveness and the job crisis," Maroni said.
In this situation, the answer is to give the government greater power to defend national industry from foreign competition and "to give control over the exchange rate back to the government."
Posted by DaveH at June 3, 2005 6:07 PM