ECB executive board member Joerg Asmussen still thinks that there are good reasons for countries to join the eurozone (though I bet he only used three fingers to count them off)
Speaking before the annual meeting of central and eastern central bank chiefs he noted that emerging economies in easterna and central europe could benefit from lower transaction costs and exchange rate risks especially as the euro area was by far their main trading partner.
He also delivered this gem.
I recognise that at present, the euro area is not an excellent advertisement for stability given the difficulties facing a number of it’s members.
I also think it’s important not to read too much into the current situation.
That current situation being a second recession in 5 years, nearly 30% of your members bailed out with more probably to follow, nearly every bank needing recapitalising and a whole economy held up by virtually one crumbling main member. Apart from that everything is rosy.
After his job at the ECD is up I’m sure Saatchi & Saatchi will be kicking his door down.