Many German Prof.’s taught already in 1996 that the planned currency union would be doomed to fail.
– ‘EU super state was doomed to failure’ (RT, Sep 8, 2011):
The eurozone is comprised of very different, heterogeneous economies that can hardly be an optimal space for a common currency, argues Karl Albrecht Schachtschneider, Professor of Law at Erlangen-Nurnberg University.
RT: What a state the EU seems to be in? What has happened to it?
Karl Albrecht Schachtschneider: The EU has become a bureaucratic system that we call a super-national confederation of states but, from the legal point of view, it has this tendency to turn into a federal state. And this is one of its essential problems. It is not just an alliance of states anymore, but a federation without a legitimate base. It has no nation, no European nation, but nations. Political relations within the union get less democratic all the time. In this situation we are losing what we call a legal state, which is of the highest priority.
RT: The euro seems to be in great trouble too. What is going to happen to it?
KAS: The euro will inevitably fail. It was always clear that the euro-project would not succeed. Already in 1993 I have processed the Maastricht law suit that was mostly against the introduction of the monetary union. Without the consent of the nations comprising the EU, the euro is being used as a political lever to make the EU a super state that, for example, goes against Russia, and at the same time, serves as a counterbalance against China, the USA and other economic giants. But this lever was always economically doomed to failure.