It is the currency many Europeans love to hate, and few really love. Now a decade old, the euro has been blamed by many for higher prices and hard times. Killing jobs and forcing deep austerity cuts to comply with strict fiscal rules. It was not supposed to be that way, the euro was intended to create a truly single market in Europe, facilitating the free flow of people, goods and services across the European Union, stimulating competition, business activity and job creation.
Some say the crisis now is part of the ‘growing-pains’ needed to modernise Europe’s economy. Others say the austerity remedy is killing the patient, and could destroy the currency itself. Some say it’s high time for the EU to issue euro-bonds, and a Marshall plan style program to modernise Europes infrastructure and help create jobs. Others say it is hopeless, that the euro which was to shelter its flock from stormy times as these destined for a break up.
Wired into this edition of ‘The Network’ are Elmar Brok, German MEP, Giorgios Karatsioubanis, a Member of the Greek leftist party Syriza, and Carsten Brzeski, senior economist at ING bank.