Euro Has to Be Faced by Europeans

"There are more risks in the euro zone than outside." It is the words of the Polish central bank governor, Marek Belka, earlier this month, voicing personal thoughts leaders across Central and Eastern Europe. Many of those who think longly and hard about the promise to join the euro they make when they enter the European Union. They certainly will oversee the fate of Portugal, Ireland, Italy, Greece, and Spain (PIIGS) with vibration.

Now the crisis makes them less competitive and with a large debt. But the cheap drugs for the disease, devaluation of currencies, rather than an option on the euro. "The consensus has been pushed to the end of this decade," said Martin Blum, an economist Ithuba Capital, a fund specializing Austrian border in the region. Czech Republic and Poland, countries with well-known eurosceptic politicians, not too want to join the euro zone altogether.

Both are fine outside of the euro in the crisis of 2009, partly thanks to the decline in their currencies sharply, which helps them remain competitive. Poland did not even have a recession, an achievement that is almost unique in Europe, even though government spending has to do with it. Estonia, which hopes to join the euro in January, economic shrinkage by 17% last year after cutting government spending and refused to devalue its currency, Kroon.

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