eurealist.co.uk

The Telegraph calls it the doomed currency, after last years call by Italy’s Northern League for a return of the Lira this time it is the French in guise of prime minister, Dominique de Villepin, who although not calling for the return of the Franc has said that members must regain control over exchange-rate policy.

The Telegraph explains that “fundamental problem is that the economies of the “Germanic” members have diverged so far from those of the “Latin” bloc that the single interest rate set by the European Central Bank (ECB) is becoming a huge political liability.”

A Telegraph commenter suggests

German Euros are worth more than French or Italian or anything else.

1. Make sure your Euro accounts are held with a German correspondent bank.

2. Make sure your Euro notes have the “D” prefix to the serial number (for “Deutschland” i.e. these promissory notes carry the full weight of the Deutsche Bundesbank).

Do not accept the “I”,”F” or “E” prefixes for Italia, France, Espana. I know a number of Italians who regularly switch their I notes for D notes by the suitcase full!

That way, if the Euro does succumb to centrifugal politics, we will get lovely Deutschmarks instead!

However as Richard North points out they are not going to give up without a fight and a major crisis, with the Euro will be used to push for further political integration.

As the Euro was always intended to be a step towards further integration I feel Eureferendum will be proved right.