One for the Euro

This might sound politically incorrect, but I do not think the Euro is such a bad thing. Granted, had the UK joined it in 2001, our housing/financial bubble would have been even worse (interest rates in Euroland were lower), but now we would have no other choice but to do what Ireland is doing. Instead of printing money and inflate our way out of the crisis through inflation, we would need to live within our means and cut expenses.

The European Central Bank has no such wide powers as the Bank of England to create money out of thin air. It can provide "liquidity schemes" and devalue the Euro of course, but with so many countries nobody agrees on anything so the currency is left largely untouched.

Besides, the Euro is based on a German-Standard, by which a country's risk of default is measured against Germany's. It isn't a Gold Standard, but it is something. No wonder Russia has 50% of its foreign reserves in Euro, a currency that did not exist just a few years ago, and barely nothing in centuries-old Sterling.

As long as the EU do not rescue Greece and its members are forced to maintain some level of fiscal discipline, Euroland countries will avoid the currency crisis we suffer here every 15 years or so.