What will Follow the Euro?
There is general consensus that the Euro experiment has had its day. Some see potential fragmentation into a multi-currency free-trading block will lead to the reduction of European influence on the global stage. Certainly in Asia many believe broadly that there are three possible options. First the Euro will be split in two, probably on a North and South divide; second, a couple of major former currencies will be reintroduced, or third, there will be a complete re-fragmentation of the euro zone into individual national currencies and economic interests. In the US opinion leaders were more prosaic suggesting that the region will muddle through continuing, certainly in the medium term, to struggle with ‘disappointing growth, high unemployment and persistent sovereign debt issues.’ Few in Europe continue to hope for a global leadership role…Europe’s days in the economic sunshine are, in the opinions of many, in relative decline.