European Central bank in chaos over euro after Greek/French elections

EU officials unable to answer key questions about future of euro after French and Greek elections

Send in the clowns...
The Commentator
On 7 May 2012 16:13

The elections in France and Greece have plunged the euro into a new crisis. We at The Commentator play fair with the institutions governing the European Union and the euro currency itself. However, when we called them, we found nothing but chaos in their thinking.

We contacted many people associated with the high officials. We will not reveal our sources. But on the basis of conversations, here is a summary of what we found: 

1) The ECB response (wherever it may have come from within the EU institutions) was that they "have full confidence in the euro";

2) Fair enough. So after further questions, mildly suggesting that the Greek and French elections are bound to cause problems given: (e.g.) the Fiscal Union plans, what do they have to say?

3) Answer: no comment. Having asked whether that was a sign of lack of confidence, the answer was again: no comment.

Let us be clear. The various people at the EU were extremely polite. But, this was hardly a statement of confidence and faith. No wonder: only a fool could believe that the euro is in good shape.

It's all over bar the shouting, and their lack of self-belief is a clear indication of why the euro as a single currency for (potentially) more than two dozen nations with widely diverging economies is destined to fail.

If the ECB would care to provide a careful analysis as to why we are wrong, we would be happy to publish it to our readers across the English speaking world. In the meantime, while the bureaucrats are having sleepless nights, just sit back and think it through. (And thanks to all our sources, please keep it coming).

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