The basic EUROZONE fault is to defend the EURO at all costs, even when money is lent to insolvent countries !
There are many schools of thought. However, in the face of worried electors, like at present in Germany, the consensus of politicians is not to "rock the boat" !
This is tantamount to saying that the less said is the best for politicians seeking re-election !
So what is this problem ? Is it not Greece, Cyprus, and other small countries who do not have the option at present to leave the "EUROZONE" ? Is it not the countries, who have Debts in EUROS after they were obliged to accept "financing" ? These are Financial debts and in the present structure they just cannot repay these debts?
Is this "Impasse" not due to the fact that the EUROZONE principles protect only "lender countries". Borrower countries cannot at present "devalue" and they do not have the means to repay lender countries.
The same perfect principles which Germany wants to impose on all the EUROZONE countries are not adapted to countries which live from "Tourisme", for example. Latin people do not have the same German Tutonic mental capacity !
Smaller countries in the EUROZONE no longer have the right to "devalue" and reorganise.
Should these EUROZONE rules and principles not be revised and even modified ?
When countries need to "opt out" of the EURO and adopt their previous local currency, in order to reorganise their financial rules concerning pension entitlements, taxation rules, National Health benefits, etc. the ultimate aim is also a devaluation of the local currency. This in fact makes countries competitive again !
By permitting this, the EUROZONE could also oblige EUROZONE countries to publish the amount of unrepaid EURO loans on their Balance Sheets, and indicating when repayment of loans is expected during the next 25 - 30 Years.
There is a 3% rule in the EUROZONE which seeks to limit overruns of budgeted expenses. At the end of the 25 year period the Present day value of the EURO would be reduced by 50%, if not more !
At present activity in the EUROZONE has stagnated. This is dangerous for the future of the ZONE and the EU !!! Other areas of the world are watching closely !