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September 17, 2005

German storm over report on leaving the euro

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According to the BBC:

A political storm has broken out in Germany over reports that the government may be distancing itself from the European single currency.

Stern magazine said that Finance Minister Hans Eichel had been present at a meeting where the "collapse" of monetary union was discussed.

The government is planning to blame the euro for Germany's economic weakness, the magazine added.

The report was dismissed by both the ministry and Germany's central bank.

The German public was never particularly keen on giving up the valuable Deutschmark in favor of the airy—fairy Euro. The fact that people are talking about leaving the monetary union, even if such rumors are totally false, tells a lot about the level of German public disatisfaction with the way their economy is working under the euro regime.

Hat tip: Joe Crowley

Thomas Lifson   6 1 05