When they were considering setting up the European Central Bank, and the euro in the late '80s and early '90s, Margaret Thatcher warned about Britain being accountable to an unaccountable European Central Bank. She said that it was a cover for the creation of a federal Europe. She also said that "Socialism is a good idea until they start running out of other people's money."
Over the last few years, as the debt crisis has engulfed Europe, the risk that has most concerned economists has been the possibility that the so-called 'olive growing countries' of Portugal, Italy, Greece and Spain, joined by Ireland (and known as the PIIGS) might leave, or be forced out, of the Eurozone.
The possibility that Germany may choose to leave, however, is something that has received far less consideration. Though there can be little doubt the euro would survive without the Greeks or the Spanish, there is greater doubt of the euro surviving without the Germans solidly behind it....
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