More than €480bn, that is how much the the European Central Bank (ECB) loaned to banks last week, more money than many had been expecting. It has eased the immediate liquidity crunch in Europe, and compelled stock markets back upwards - at least initially. But does this mean the crisis is over?
Markus Kerber, a professor at Technology University Berlin, has long been a critic of the euro and the European Central Bank. He filed an unsuccessful law suit to stop German participation in efforts to bail out weaker economies.
He says at the heart of the problem facing Europe is that different countries have different abilities to compete. He says the euro is assuming one currency will fit all, instead it is preventing free markets from functioning normally and is therefore doomed to fail.
But not only that, he also says there are more serious problems on the horizon, especially French debt waiting to hit the markets. In the end what is at stake is momentous, Kerber says: the ability of European nations to uphold their sovereignty, democracy and rule of law.
Talk to Al Jazeera caught up with Professor Kerber in Berlin to get a better understanding of his point of view. Is the euro doomed to fail?
"The problems with the eurozone are fundamentally industrial; fundamentally concerned with the spread of competitiveness. If you look at the development of the last five years there is a great and a growing spread of competitiveness between the northern countries and southern countries. So you have to find a solution to that problem. If we didn't have a euro most of these countries would simply devaluate, in order to find the time to re-debt their economies. Now they are imprisoned in a currency which hinders them to debt, and which dictates a policy which is: one size has to fit all. And one size in such a situation, cannot fit all, because the euro is too expensive for Portugal and too cheap for Germany."
Markus Kerber, Technology University, Berlin
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Source: Al Jazeera