Speaking to the newspaper, Charles Gave, an economist and president of the liberal think tank Institut des Libertes, was asked why he believes the European Union project may eventually face the same fate as the old Soviet Union.
"The disaster of the quotations of European banks shows that something has gone terribly wrong," the economist warned. "I have never seen a scenario where the collapse of major European banks was not followed by a recession in Europe. So the answer to your question is simple: if a recession happens in Europe in 2016, the euro will not survive."
"For example," Gave recalled, "in Italy, bank debts already constitute 20% of GDP, and might cross the 30% or even 40% threshold, which is obviously not tenable. For years now, the euro has served as a financial Frankenstein: it is impossible to maintain a fixed exchange rate for countries that have such differing production capacities."
"I wrote back in 2002 that the euro would lead to too many houses in Spain, too many officials in France and too many factories in Germany, and that Europe would fall under German influence, with Germany remaining the only country with a positive net balance."
Ultimately, Gave suggests, "strength lies in a competitive economy, and not in a bloated organization which no one wants – one which destroyed the fruits of the labors of the founding fathers of Europe. Schumann, Adenauer and Piux XII desired to establish a Europe based on diversity. The malefactors who created the euro want instead to create a European nation…and are responsible for the looming catastrophe on the horizon."
