Davos has produced a resounding criticism of the euro by a panel of experts, who pooh-pooh the delusions espoused by politicians and Europhiles that the European crisis is over.
Axel Weber, the former head of the German Bundesbank and now chairman of UBS, is quoted by the Telegraph:
"Europe is under threat. I am still really concerned. Markets have improved but the economic situation for most countries has not improved.
Markets are currently disregarding risks, particularly in the periphery. I expect some banks not to pass the test despite political pressure. As that becomes clear, there will be a financial reaction in markets."
Harvard professor Kenneth Rogoff said the launch of the euro had been a "giant
historic mistake, done too soon".
Professor Rogoff quite rightly highlighted the scandal of youth unemplopyment within the Eurozone; noting that Europe is squandering the "scarce resource" of its youth, badly needed to fortify an ageing society as the demographic crunch sets in.
Professor Rogoff quite rightly highlighted the scandal of youth unemplopyment within the Eurozone; noting that Europe is squandering the "scarce resource" of its youth, badly needed to fortify an ageing society as the demographic crunch sets in.
It is not just the need to support an ageing population, but the risk to democracy from a generation of disaffected unemployed youth that Europe needs to wake up to.
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