# The EURO Experience : Good or Bad? **URL:** \ **Category:** Great Debates\ **Created:** [October 28, 2004, 1:40pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662 "2004-10-28T13:40:05Z")\ **Posts on this page:** 9\ **Page:** 3
**Author:** ![GorillaMan](https://avatars.discourse-cdn.com/v4/letter/g/50afbb/32.png) [@GorillaMan](https://boards.straightdope.com/u/GorillaMan)\ **Post date:** [November 1, 2004, 7:46pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/41 "2004-11-01T19:46:30Z")
> [@ralph124c](#): > > My question remains: since the adoption of the EURO, have any of these european economies experienced a big jumpin growth(attributable to the currency change)? It’s impossible to attribute any growth (or recession) to one cause alone. Especially when talking about such a volatile economic period such as 2001. > [@](#): > > By the way, how did the Italians get used to an apparent drop in prices–you used to pay several MILLION lire for a car, for example-what was the psychological effect of this? Pretty much none. Most Italians were glad to get rid of the silly zeros. (Except for the conmen making a living from confused tourists.) ---
**Author:** ![ralph124c](https://avatars.discourse-cdn.com/v4/letter/r/8797f3/32.png) [@ralph124c](https://boards.straightdope.com/u/ralph124c)\ **Post date:** [January 5, 2012, 1:44pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/42 "2012-01-05T13:44:47Z")
I thought that resurrecting this thread might be interesting. Italy has a lot of debt to roll over by this summer-could this be the straw that breaks the camel’s back? At any rate, it should be an interesting year. ---
**Author:** ![\_Undecided\_Adrian](https://avatars.discourse-cdn.com/v4/letter/_/eada6e/32.png) [@\_Undecided\_Adrian](https://boards.straightdope.com/u/_Undecided_Adrian)\ **Post date:** [January 6, 2012, 1:24pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/43 "2012-01-06T13:24:26Z")
There was some scepticism in this thread, some of it adressing the real problem with the Euro’s construction (lack of common fiscal governance), but I’d like to cite your seven-year old post as an example of the scaremongering and belittling that seems to be going on, often by American conservatives: > [@ralph124c](#): > > -Germany (big time): abandoning the Mark has meant that Germany can no longer help its export-oriented industries by adjusting exchange rates. This has led to very high and persistent unemployment, plus huge budget deficits. Unemployment was and still is shrinking in Germany, and the crisis of 2008 was better handled in Germany than in most economies. The Euro has been very helpful for our industry, especially because its value has not risen as much as the Mark would have in the same time, which would have crippled our exports, similarly to the development of the Swiss Franc. ---
**Author:** ![Ximenean](https://avatars.discourse-cdn.com/v4/letter/x/aca169/32.png) [@Ximenean](https://boards.straightdope.com/u/Ximenean)\ **Post date:** [January 7, 2012, 9:04pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/44 "2012-01-07T21:04:00Z")
> [@'\[Undecided](#): > > Adrian;14639416’]The Euro has been very helpful for our industry, especially because its value has not risen as much as the Mark would have in the same time, which would have crippled our exports, similarly to the development of the Swiss Franc. An artificially low exchange rate is no doubt helpful for German exporters. But helpful for other countries, for whom the rate is too high? I’m not so sure. ---
**Author:** ![ralph124c](https://avatars.discourse-cdn.com/v4/letter/r/8797f3/32.png) [@ralph124c](https://boards.straightdope.com/u/ralph124c)\ **Post date:** [May 19, 2012, 11:39pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/45 "2012-05-19T23:39:15Z")
Will Greece drop the Euro and revert to the drachma? It looks like this is real possibility. My question: if Greece does this, can they be forced to pay back their euro-denominated bonds with euros? If they take drachmas, the problem is solved-just inflate the drachma and wipe out the debt! ---
**Author:** ![BrainGlutton](https://avatars.discourse-cdn.com/v4/letter/b/82dd89/32.png) [@BrainGlutton](https://boards.straightdope.com/u/BrainGlutton)\ **Post date:** [May 19, 2012, 11:40pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/46 "2012-05-19T23:40:38Z")
> [@ralph124c](#): > > As far as I know, three european nations opted out of the Euro common currency scheme. Nitpick: “euro.” Lower-case “e.” ---
**Author:** ![notquitekarpov](https://avatars.discourse-cdn.com/v4/letter/n/71c47a/32.png) [@notquitekarpov](https://boards.straightdope.com/u/notquitekarpov)\ **Post date:** [May 21, 2012, 3:21pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/47 "2012-05-21T15:21:01Z")
> [@ralph124c](#): > > Will Greece drop the Euro and revert to the drachma? > It looks like this is real possibility. > My question: if Greece does this, can they be forced to pay back their euro-denominated bonds with euros? > If they take drachmas, the problem is solved-just inflate the drachma and wipe out the debt! The obvious answer is no - nobody can force them. They can simply default - just like Argentina has in the past (for example, not picking on Argentina particularly). Default however creates a whole set of new problems. The real problem for Greece may be companies - who will have contracts and liabilities in a mixture of ‘domestic’ and ‘foreign’ euros. At a pinch the Greek Government (an oxymoron at the moment I know) can make laws on what happens to domestic contracts and debts and deposits but foreign debt could wipe out a whole lot of Greek companies who end up with Drachma income and euro liabilities). Leading to even more unemployment, economic upheaval etc. ---
**Author:** ![ralph124c](https://avatars.discourse-cdn.com/v4/letter/r/8797f3/32.png) [@ralph124c](https://boards.straightdope.com/u/ralph124c)\ **Post date:** [May 6, 2013, 9:25pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/48 "2013-05-06T21:25:46Z")
I am reviving this thread…because it looks like the Euro is under new pressure. The question is: will Germany support a big monetary expansion (so as to bail out Spain, Greece, Italy, etc.?). Or are plans being made to dump the euro? ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [May 6, 2013, 10:18pm UTC](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662/49 "2013-05-06T22:18:42Z")
I guess we’ll hear from **Rune** that Denmark is not nearly so eager to join the Eurozone now. [Previous page](https://boards.straightdope.com/t/the-euro-experience-good-or-bad/271662.md?page=2)