The euro is not responsible for inflation

"Launched five years ago, the euro, having been an object of pride, is now being accused of all evils", notes the chronicler Jacques Pilet for whom the euro is not responsible for inflation, despite claims otherwise. "Those discontented vilify the euro while it is obvious that problems of inflation could have arisen just as easily with a national currency. We can see this in Great Britain: London has become one of the most expensive cities in the world. Imagine what the sterling boom would have been without the euro! Without the discipline required by the common currency, the Italian economy would no doubt be even worse off than it is today. So why does this precious instrument have such a bad image for so many people? Because this image has been fabricated by national leaders who are all too happy to discard their own responsibilities in 'Brussels', or 'Frankfurt'."

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