The creation of the euro was a purely political decision. There is nothing surprising about that - subjecting a population to a currency is a regalian right. In any case, a currency has to be backed by pledges of confidence that only the State can provide.

The unthinkable has happened – we are entering a period of negative interest rates. This startling situation began last year, when the ECB applied negative interest rates to the deposits that were placed with it.

The euro promised a brighter future. That hasn't happened.



For the Nobel Prize winning economist, Paul Krugman, the euro is one of the greatest catastrophes of economic history (New York Times, August 2014).

Day after day, the design flaws of the euro are more and more cruelly exposed.

The economic trap is closing relentlessly on the Eurozone. Everyone was aware of the Japanese deflationary scenario. It was even condemned as the most dangerous economic hazard. Yet the Eurozone is taking this deadly route because of a lack of vision and political obstinacy.