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I don't think inflation is a good indicator of the kind of stability needed here. What I believe matters the most is the the political stability of the EU as a
by mohamedattahri 6y ago
I don't think inflation is a good indicator of the kind of stability needed here. What I believe matters the most is the the political stability of the EU as a project, and the eurozone as a community. Over the past 15 years, we've seen multiple episodes of: rise of autocratic rulers in the east, growing political influence of Russia, rise of right/left-wing anti-European political parties who want out of the euro, Germany threatening Greece with expulsion from the eurozone, etc.
It's hard to imagine the world betting on the Euro for the next 50 years having seen this happen times and times again over the past decade or so.
- nolok 6y agoAnd through all the that, crisis of all sorts (debt, migrants, political, ...) the euro has not lost a single member, it has not jumped wildly in value from week to week, and it has not started including whatever country it could, keeping to its slow and controlled accession process. Even the far right in France and Italy has stopped putting "drop the Euro" into their manifesto, something that was one of their top 3 bullet points since its creationg and up to merely 5 years ago. Even they don't believe in its end anymore.
- mohamedattahri 6y agoAgreed, but I'll quote Reid Hoffman's definition of trust as "consistency over time" as an indication that it will take decades to build that trust.
- mancerayder 6y agoSure, except these same nations and states have had that problem for a lot longer than the life of the Euro, AND they had wars on top of it. For centuries. The Euro does mitigate that likelihood, even if there are protests and the rise of nationalism. There were protests and nationalism prior to any Euro. Now it's harder to produce a war industry when your industry and economy are so intertwined with another country's.