February 24, 2015

More than about the euro, Europeans needs to worry about their own future.

Sir, on the eve of the euro I published an OpEd in which I expressed doubts about its long term viability quite similar to those expressed by Gideon Rachman in “A Greek deal cannot fix the euro’s flaws”, February 24.

The title of my OpEd was though “Burning the bridges in Europe” by which I implied that once launched, the euro was not that easy to roll back, especially since there was not a word about how to proceed in such a case.

Of course, as Rachman argues, there are big differences between the north and the south Europe, but let us also be aware there are a lot of similarities too.

For instance, all small business and entrepreneurs, on account of incredibly being perceived by regulators as risky for the banks’ stability, are being just as discriminated from having fair access in Germany than they are in Greece.

And in that respect, more than worried about the euro, I believe Europeans should be worried about their own tomorrow, and this not only because of Putin.

With banks instructed to stay away from financing the future because that is deemed riskier than refinancing the past, no one has a future, whether he is German or Greek.