When top European economic officials are warning the imminent collapse of the single currency it’s time to prepare.
Mario Draghi, The head of the European Central Bank, says the current set up is "unsustainable", while Olli Rehn, the EU economics commissioner, urged member states to create a failsafe rescue fund to act as a backup for debt ridden EU countries.
Mr Rehn said ‘unless the monetary union is revamped, the Euro-zone would fall apart.’
Mr Draghi also requested a possible bank bailout fund and a deposit-guarantee scheme for European savers.
The ECB chief said the regulation of Europe's most important banks should be centralised, as national governments had repeatedly downplayed the seriousness of their banking problems.
Too little, Too late is a phrase that doesn’t seem to express the catastrophic situation that is about to befall all of Europe and send shockwaves throughout the World markets and Banking institutions.
Alan Duncan remarked, on BBC Question time 31/05/2012 that during John Majors term as PM, that the decision was taken not to join the single currency.
Why? Because short sighted EU ‘Common Purpose’ fiscal designers looked only at the short term convergence benefits. Not, as Mr. Duncan points out, the divergence factors.
It was a very wise decision that we as a Nation did not dive into the cesspit that the EU and its single currency has now become. However, affect us as a Nation it surely will.
Much of our trade is confined to European Markets. In the resulting anarchic days ahead runs on banking institutions will become the norm. Funds will be transferred to international accounts.
The Dollar and Sterling will become the currency of choice.
Then we wait for the hoards of EU nationals flooding across our borders to take up every and any job on offer.
Not only that but, as we have the most generous benefits system in Europe, it will be stretched to breaking point.
Add to that the additional strain on the NHS and Housing and the recipe is a delicious mix of chaos.
European financial markets seemed to like what Mr Draghi and Mr Rehn had to say.
But the truth is that the Euro is doomed. It was flawed at its inception and now that hard times are on us all, the ‘House of Cards’ is about to collapse.