Viewpoint Channel

Was the Euro a mistake?

  • Policy area: European Union

Several times in the last few years the euro has been on the verge of collapse. At the time of its creation, many UK economists warned that the Euro would not last and the general consensus amongst free-market economists in the UK was that we should not join. Attempts to save the euro have normally involved “kicking the can down the road” or undermining the fundamental principles on which it was founded.

The panellists at this discussion, following on from the publication of the IEA’s latest monograph, asked whether the euro should be saved or whether it should be disbanded and replaced with national currencies or an entirely different monetary regime. Those who believe that the euro can and should be saved put forward radical solutions to the problems facing the euro zone. The panellists put forward a variety of different views but agreed that we cannot continue as we are.