When first reading Martin Taylor’s article in the FT on the Euro’s troubles, you might be forgiven for imagining he was writing a spoof. He writes that there should be a Northern Euro – to be known as the Neuro – and Southern Euro – called the Pseudo or Sudo.
Clearly taking inspiration from the psychiatric profession, and no doubt seeing the need for a way of alleviating insanity within the eurozone before the crisis spins out of control, he explains –
The least damaging solution now might be a north/south split of the currency. Imagine a “neuro” and a “sudo” (pseudo in Greece). For every €100 you would receive 50 neuros and 50 sudos. Countries would from then on opt to use one or the other. Existing obligations – including the national debts of all current eurozone members – would thus have a hard and soft component. Readers can amuse themselves by guessing which currencies some of the more ambiguous countries might choose.
By the end of his nicely-written and amusing piece, you realise that this cure for Euro-schizophrenia is intended to be taken seriously. Full article here. Recommended.