A new German protest party is proposing the gradual re-introduction of the national currencies of highly indebted euro-zone countries. While the party's spokesman insists the idea solves everyone's problems, it has one major drawback: Economists agree it won't work.
Bernd Lucke, the spokesman of the newly established Alternative for Germany party, is no ordinary economics professor. Giving the most complicated answers to the most straightforward questions is normally one of the trademarks of his profession. But the Hamburg economist takes precisely the opposite approach. He has a simple solution for even the trickiest problem of the day.Lucke and his flock of supporters believe that the euro crisis can be solved if the Southern European countries leave the monetary union -- not with a big bang, but slowly and quietly. The professor wants to see these countries ejected from the monetary union in a civilized way, so that their withdrawal occurs as gently and harmoniously as a person's withdrawal from a school glee club.
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