Who has been the primary beneficiary of the Euro, ECB and EU? Germany! And yet, when it comes to keeping the whole scheme together, the Germans are running for the hills. Germany's export bonanza, since the institution of the Euro is directly attributable to the lower currency value ascribed under the unified currency. This meant that German goods were priced much lower in international markets. Otherwise, using its own currency would have resulted in much lower exports and economic benefit.
But at the same time, other Union members were seeing their comparative advantages undermined, because their exports were being priced much higher in international markets. Moreover, tourism and other attractions of foreign currency were impaired as vacations to these countries would be more expensive than they needed to be. Add the inability to print your own currency, and your monetary devices are largely eliminated. So indirect taxation through currency debasement is not possible.
The real lesson of the "European Experiment" is that without complete political unification you cannot have an economic unification that works. Would you set up a joint account with all your neighbours, who also control access to your funds? Not a chance.
There are four concerns that are now self-evident. Germany will not step up to the plate, despite having won the most and still having the most to win long-term. Europe will not undergo a matching political unification centralizing its power. The weaker countries cannot save themselves, without a lower currency to unleash their comparative export advantages. Lacking control over monetary policies, further hampers the weaker countries ability to adjust rates to the short-term economic needs; forcing them into extreme unlawful measures. Taxing bank deposits!
Conclusively, the EU is a lousy deal for the majority of its participating nations. It is a deal made worse, when those nations that have profited handsomely from the economic sufferings of the others, do not help out when needed - largely because of their national political agenda.
It is time to undo this European experiment, and let the weaker nations have a chance to recapture their economic viability through comparative advantage and fair floating exchange rates. Otherwise, the path to economic destitution will result in these weaker countries experiencing greater social unrest, leading to extreme political changes, that will also put a end to this one-sided and misguided economic scheme that has no potential for unified political rectification.
Without this, then this is simply a BAD DEAL
Dr Peter G Kinesa