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Neue Zürcher Zeitung - Switzerland | Tuesday, June 30, 2015

Monetary union obsolete

Europe must scrap the monetary union entirely, write the Basel-based economists Lukas Hohl and Rolf Weder in the liberal-conservative Neue Zürcher Zeitung, describing this as the only logical consequence of the looming Grexit: "The US economist Paul Krugman sounds cynical when he writes that the 'real risk for the euro' is that Greece recovers one or two years after exiting the union, setting a positive example that others would follow. We see it as problematic to conclude from this that Greece should be kept in the single currency at any cost. If we believe that the monetary union limits the development potential of countries like Greece, then we must support the Grexit and the long-term dissolution or re-dimensioning of the EMU. … If the euro is not good for the EU or Europe we must start thinking about how to get rid of it."

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