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ABSTRACT. The author, once a strong supporter of the Euro, rather than just criticize the current policy, shows an alternative. He believes that it is in the best interest of the countries in South and those in the North, for Germany, The Netherlands, Finland and Austria to leave the “one-size-fits-all” currency bloc. One result would be that the Euro would devalue and facilitate growth in the South. The euro has become too strong for the South, including France, and to weak for the North. The author believes it is wiser to structure a currency around the economic realities than try to change the realities to accommodate a currency. He also points out to numerous side effects of the euro which facilitate massive centralization, harmonization and socialization. This does not only create friction in Europe, it reduced competitiveness within the euro-zone. pp. 35–38

Keywords: why Europe needs two Euros

HANS-OLAF HENKEL
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University of Mannheim

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