Dear Sirs:
Wolfgang Munchau’s post on June 23rd titled “Merkel versus Renzi for the future of the eurozone” illustrates the inherent weakness of the European Monetary Union. Like all socialized services, the EMU requires constant meddling by foreigners into the affairs of sovereign nations, which can only lead to animosity and not cooperation. Without the socialized EMU Italy could run its economy and its currency as it wished…and bear the full consequences of its policies. Likewise, Germany could set a good example for the rest of Europe and the world…(are you listening US?). Rather than lecturing one another or adopting policies, such as the European Central Bank’s negative interest rate, that some believe to be destructive, each country should mind its own business. This was the case before Germany was blackmailed into giving up its beloved and successful Deutsche Mark in order to gain international approval to reunite its country.
Patrick Barron
