So now, there can be no question about it. The possibility of “eurozone exit” is real. For years, some of us have been arguing, until we were blue in the face, that the eurozone could break-up. For years the bien pensants have told us we were wrong. Only a fool would say that now. Greek exit could happen. To have worried aloud about the euro unraveling has been to be widely derided. I should know. I wrote my first national newspaper column predicting some nations could end up quitting the eurozone almost fifteen years ago, before monetary union even began.
Those of us who’ve long pointed to the technical incongruity of a single currency area with no common fiscal policy, were shouted down. Concerns about competitive variations, and different countries’ needs for exchange rate adjustment, at different points in time, were waved away, with condescending accusations that the great unwashed didn’t understand Franco-German “political will”.