Economist's Haiku For Europe

A lovely letter to the Economist says it all.

Sir: 

Leaving the euro zone is no pick for Hellenic Republic (“Fiddling spell Athens burns”, May 19th). The novel drachma would live on valueless, every bit at that spot would live on no need for it. H5N1 province that finds it hard to move its financial affairs cannot larn by a national currency. The restored drachma would remain inwards circulation alone if the Greeks were denied access to unusual exchange, preventing the informal role of the euro. That would necessitate draconian telephone substitution controls of the type pose inwards house past times Federal Republic of Federal Republic of Germany later on the starting fourth dimension basis war, which ensured the circulation of the depreciating grade during a menstruum of hyperinflation.

What tin Europe produce for Greece? It tin supply it alongside a stable monetary unit: the euro. What tin Europe non produce for Greece? Well, it cannot gain it a audio financial system. The Greeks accept to accomplish that themselves if they want to remain a sovereign country.

Ernst Juerg Weber
Associate professor of economics
University of Western Australia
Perth