Spiegel
October 6, 2011
There are a growing number of people who have envisioned what the end of Europe's common currency might look like. Most agree that it will be chaotic. But will it? We might actually not even notice that it has failed until it is long gone.
Recent weeks have been full of talk about the failure of Europe's common currency. "If the euro collapses, then Europe and the idea of the European Union will fail," said German Chancellor Angela Merkel recently. "Should the euro fail, we Germans will have the greatest disadvantages," said Finance Minister Wolfgang Schäuble. Even former Foreign Minister Joschka Fischer has gotten into the act, warning of the "political, economic and financial" consequences a failure of the euro would trigger.
But how exactly are we going to know when the common currency has reached its end? What exactly does it mean when we say a "failure of the euro?" And is it possible that the currency may have already failed a long time ago?
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