Victor Arutyunov

Is it time to abolish the Eurozone?

For quite an incomprehensible reason, there exists a deeply-rooted, almost untouchable idea that the Eurozone is an indispensable monetary union without which Europe would be unimaginably less prosperous, more unstable and divided. Any time when someone attempts to suggest that the Euro is not beneficial to certain European nations and that in fact it brings about a variety of disadvantages and limitations, the response is one of disbelief and perception of the anti-Euro position as outrageously reactionary and even somehow revolting. Fully prepared to undergo such a reaction again, I will outline the arguments against the Eurozone in its current state, for the mere reason that I believe that it is doing too much damage to be ignored and dismissed as a ‘populist’ excuse for ‘greater and more complicated problems’.