I don't see it as a tragedy for Germany. You would have to feel the euro has a lower value than the duetchmark would have today? That rather helps Germany in th

I don't see it as a tragedy for Germany. You would have to feel the euro has a lower value than the duetchmark would have today? That rather helps Germany in their position as one of the worlds top exporters. Germany ous growing and has a budget surplus. I think as others have noted the idea of a single currency is always going to be partly political. What kind of state makes all of its decisions based on economic theory? The euro zone as a whole right now is out-growing the UK, and according to my fx dealer are deliberately playing down their growth to keep the euro weak. I think criticising the idea of the euro as 'political' is a bit rich from someone whose opposition to it seems too also be ideological. Personally I like the easy trade it facilitates. FX risk is dreary to manage. Only having to hedge GBPEUR makes it much simpler than the old days. Maybe the mistake, if there was one, was letting Greece et al join before they were ready