THE DEUTSCHMARK ALTERNATIVE: A LETTER TO THE ECONOMIST (September 13, 2011)
As you report, surveys show that Germans are fed up with the euro (“Germany’s Euro Question,” September 10, 2011). “This is a strange country,” you quote Hans-Olaf Henkel, a former head of the German business federation. “Public opinion does not like the euro, but does not want to hear of an alternative to it.” Alas! I only wonder how long will it take for the Germans to light upon the Deutschmark alternative. It worked perfectly well before the introduction of the euro, and that was only a decade ago. Not to worry, though. Germans are sure to remember it soon enough. The well-behaved countries in Northern Europe may even be allowed to use it, too. But only if they remain well behaved, of course. Otherwise, they will undoubtedly go the way of Southern Europe.