Responding To The Euro Crisis: A Better Way  Gerald Holtham
Gerald Holtham  Europe needs a single currency that works. Many
believe that a successful Euro means ‘more Europe’, a common
fiscal policy and more powerful common institutions. That will
take time and negotiation.  Meanwhile the crisis rumbles on and
enthusiasm for the Euro and the European Union itself is visibly
waning in a number of countries.  Endless recession weakens the
European faith among the deficit countries while apparently
endless demands for bail-outs weakens support in Germany and
other countries which are net contributors to Union budgets.  A
reform now that introduced an element of flexibility and
ameliorated the present crisis is not, therefore, a distraction
from the path of European unity but a necessary adjustment to
it.  It may indeed be a precondition for further progress.  This
note therefore proposes a solution that makes possible a
sustainable single currency in the current Europe of nations.
The great 19th century econom