Transforming the euro

The euro does not have to die. Italy and Germany do not need to withdraw. There is another option. National currencies could be reinstated alongside the euro. It would become a parallel common currency not a single currency. It was widely suggested when John Major proposed this in 1990 that the Bundesbank opposed the idea largely because they saw it as the only practical route to a European currency and thought that by blocking the idea they would prevent monetary union. They must be really regretting that tactic now.

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