Tuesday, August 30, 2011

German business chief calls for country to quit euro and join new currency with Austria, Holland and Finland - 30th Aug 2011

A top German business leader today called for his country to quit the euro and join richer northern neighbours in a currency block instead.

Hans-Olaf Henkel, the well-respected former head of the country’s main business federation, said his earlier support for the euro was ‘the biggest professional mistake I ever made’.

He called on Germany, Austria, Finland and the Netherlands to quit the euro – ditching struggling economies such as Greece, Spain, Portugal and Italy - and set up a new currency of their own.

Such a move – perhaps the closest thing possible to the return of the Deutsche Mark - would be highly controversial as Germany is the area’s powerhouse economy and has so far insisted it will stand behind the euro.

But Mr Henkel said: ‘We need to focus on saving Europe, not the euro.’ Read More