Make or break for the Euro

For those who believe we would be better off exiting the euro and going back to our old currency, be careful what you wish for, writes Alan McQuaid

The problem is that once contagion starts the only way to stop it would be to take the brakes off and allow the ECB to print money without limit. Rather as the Swiss authorities have done, saying they will sell Swiss francs without limit to hold an exchange rate above 1.20 to the euro

European Economic and Monetary Affairs Commissioner Olli Rehn said on Wednesday that Europe’s policymakers had 10 days to save the euro, referring to the run up to the EU leaders’ final summit of the year, on December 9. The general feeling in the financial markets is that this is the “last chance saloon” for the eurozone, and if politicians fail to deliver, we will see the euro cease to exist in its current form.