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Sarrazin, Thilo

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Die Presse - Austria | 22/05/2012

Thilo Sarrazin on desirable exits from the Eurozone

In his new book Europa braucht den Euro nicht (Europe doesn't need the euro), former Bundesbank banker Thilo Sarrazin takes aim at the wobbly single currency. The liberal-conservative daily Die Presse publishes an excerpt from the book, which went on sale on Monday: "Greece, Portugal, Italy, Spain and all those countries in Southern Europe should be glad that they have the euro and can spend euros. But those euros should be earned, not received as a gift or loan from the countries of the North - through whatever indirect channel that may be. Government transfer channels which are not limited to EU structural funds undermine this principle: they create a divide between givers and takers and fuel aversion and reservations among nations. If a country can't or doesn't want to live with the discipline required by the single currency it should be free to return to its national currency whenever it wants to."

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