Just how fragile is the euro? Is it terminal? Will it disappear?
“I wouldn’t bet against the very existence of the euro. It’s possible that there is going to be some countries that will not forever be part of the euro. Greece. But will the euro disappear entirely? My view is that it’s highly unlikely and the reason why it’s highly unlikely isn’t because a few people wished upon a star but because it’s not in the interest of the major players for it to disappear. By the major players, I don’t mean governments. I mean the German industrial community and the German banking community. I mean the French economic community and so on. None of these players would really want this to disappear. Will there be bargaining about what the content of euro policy and the reaction to euro problems? Of course because someone is going to have to pay to clean up the mess and there will be bargaining about who has to pay what. But does that mean at the end of the day there is not going to be an agreement? I think not. I think there will be a euro. So if what you mean by fragile is disappear without a trace, the Titanic of the international monetary landscape. No, I don’t think that’s where we’re heading.” (Jim Adams, Professor of Economics, University of Michigan.)