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The next reserve currency

The euro is far from dead. Following successful integration, it will be nothing less than the next reserve currency of the world.

In the end, the euro will not only survive but also be strong. It isn’t really the common currency that is currently in crisis, but instead the prevalent ways of managing funds, budgets, and running up debt. In a certain way, our democratic system is also in crisis, since it used to consist of promises made at election time, which would then be achieved through public debts. All discussions about the differences between Northern and Southern states really hinge on this fact rather than the meaning of the euro itself. Wolfgang Schäuble, Germany’s Minister of Finance, underlined this by stressing that anybody who can receive money without conditions would also spend it. It is, so to speak, a conditio humana of anyone, regardless of whether they live in Germany, Italy, or Greece. Consequently, it also doesn’t matter in which currency the money made that way is ultimately spent.