Opinion: (Alan Greenspan, a former Chairman of the U.S. Fed):“The euro zone is doomed to fail because the divide between the northern and southern countries is just too great, former Fed Chairman Alan Greenspan told CNBC in a recent interview.
‘“At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn’t…’ ‘Instead, northern Europe fell into subsidizing southern Europe’s excess consumption, that is, its current account deficits.’
‘“The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands, and Austria. If they aren’t, it simply can’t continue to work.’”
My Comment: This will happen under pressure and only if we reach mutual guarantee, when all will receive education about and the understanding of how dependent we are on each other, and public opinion will keep everyone in this sensation. Nature will force us to it through suffering, but it is desirable to strive for this earlier by a good way.
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