A Vant the changeover, many observers and many economists - including myself - crying in the wilderness that a single currency was very risky in an area where economic, budgetary, tax, were not harmonized.
They made it clear that the single currency would remove the economies of each country, yet potentially very dissimilar divergent, two key weapons in economic policy, action by the exchange rate (devaluations by example) and by interest rates (to attract capital for example). Thus the only remaining adjustment variables Were the level of activity (production - and therefore income - conditioning the level of employment) and price levels. These Cassandras were derided, scorned and shunned the media, embarrassing their laments the magnificent outpouring of "European construction" that allowed some politicians in need of posterity to shine in the firmament of great historical European .
Greek crisis gives them unfortunately obvious reason, but it is feared, for the same questions of prestige, nobody draws the logical consequences. It will therefore probably the first in a long series of recurring problems due to the disparity of economies and the independence of national decision.
Philippe RENEVE
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