The movement within Germany to bring the Euro to an end is not silent, according to Open EUrope today. The latest published proposal is interesting. Coming from Dieter Spethman, former Chairman of Thyssen, it lays out a plan to form a new Northern Euro, as suggested originally by a former Chairman of Barclays Bank.
But oddly Spethman says that the ‘Neuro’ should include Holland and the Scandinavian Countries. Doesn’t he know? Sweden, Norway and Denmark aren’t in the Euro, and judging from opinion polls, they don’t want to be in it either.
The other significant thing he says is that France would not to be assumed to be a member of the ‘Neuro’ automatically like the Scandinavians, but he suggests obliquely that France ‘could join’ as well as Russia, ‘as a counterbalance’. The idea that France would not automatically be assumed to be a member is not surprising, given the scale of French debts and Germany unwilling to bail them out, but it must underlie French fears about the future.
In an interview in Handelsblatt, Dieter Spethman, who has joined four professors in challenging the eurozone bailout at the German Constitutional Court, argues that Germany should create a new Northern monetary union with the Netherlands and Scandinavia.
He also suggested that France could join, as well as Russia, “as a counterbalance”. He concludes that the German government will fail to reform the eurozone, and instead the federal government “will ruin Germany if it continues like this”.
France would have to join a Southern Euro with Spain, Italy, Greece and Portugal.