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Friday, November 26, 2010


On the popular German TV show with Maybrit Illner on ZDF, Hans-Olaf Henkel, the former head of leading German Industry Federation Bundesverbandes der Deutschen Industrie (BDI) said that although he used to be a fan of the euro, he has now drawn the conclusion that introducing the euro was "a big mistake".

Mr Henkel added that as a solution, the monetary union would need to be split up into a northern bloc and a southern bloc. The northern currency union would then stick to strong budgetary discipline while staying well clear of inflation. The southern part could then improve its competitiveness through currency devaluation.

Interestingly, he suggested that France should be a member of the 'southern euro'.

You can view the episode here (in German), and an interview with Mr. Henkel in English can be found here.

A 'mea culpa' which could serve as an example to follow for politicians around Europe, including certain people in the UK...

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