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The End Of The Euro Currency Is Around The Corner?

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The various surveys in the various European countries show almost daily that the number of favorable to the single currency decreases steadily and, perhaps, irreversibly. The international speculators are betting on the end of the Euro, and only the decisive and unequivocal commitment of the number one of the ECB, the Italian Mario Draghi, who has undertaken the commitment to be willing to do anything to not to wreck the Euro, has prevented the premature end of a currency in which many had hoped.

It cannot be denied that already in 2002, a similar “passion” of European citizens did not correspond to the euro-political, economic and financial enthusiasm, with titles such as: “Via alla festa dell’Euro” (Corriere della Sera); “The revolution of the Euro (La Repubblica)”; “Festival for the New Year of the Euro” (La Stampa). Romano Prodi, in 2002 President of the European Commission, talked about “a new era that will create a strong and growing sense of European identity, and this will result in great psychological pressure on the countries that will be outside”. Mario Monti, at the time European Commissioner and editorialist of Corriere della Sera, stated: “This European currency is a genuinely unique currency, because it carries within itself three unique connotations (the history, the constitution, the determination) that make it unique to the world: a currency that is not, so far, an expression of a state but is, as of now, the expression of a precise choice of civilization. No country in the world has such a solid defense to prevent its currency, through public deficit and inflation, from becoming an instrument of public offense by the public authorities, of arbitrary despoliation of some by others, of burdens placed on future generations “.

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It is useless to deny that the advent of the Euro has delivered expectations and dreams in the majority of people, because it was the first tangible step towards that United Europe of which until then it had been only heard about. The introduction of the Euro was in principle, and to some extent it did it at the beginning, a way to stimulate the growth and the integration of national money markets in order to allow greater availability of liquidity, reduce transaction costs and lower interest rates for loans to companies, making the Euro a competitive international currency. But the dream, in most of the expectations remained so. In fact, often considered among the most Euro-enthusiastic European citizens, Italians progressively moved away and began to look at Europe with greater disenchantment. It is, therefore, reasonable to ask whether the introduction of the Euro and its effects have reinforced this disenchantment and through what mechanisms this happened.


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