28 May 2010 20:42 [Source: ICIS news]
TORONTO (ICIS news)--A prominent German business leader said on Friday that the country should consider leaving the eurozone after the €750bn ($926bn) bailout of financially troubled ?xml:namespace>
Germany had adopted the euro on the understanding that each country was responsible for its own debts and balance of payments, said Hans-Olaf Henkel, former head of the country's top industry trade group BDI, in a webcast television interview.
“With the bailout, Germans feel that [the eurozone] has become a ‘transfer union’,” with north European countries paying for the debts of weaker southern eurozone members, he said.
Henkel said he did not believe that
“I believe these are alternatives that need to be discussed further,” he said.
In the current situation, the euro currency was “just dead”, Henkel said.
As it stood, the eurozone was split into a “stabilised section” with
Eventually, the eurozone could end up having two currencies, one for each section, he said.
However, many Germans see the euro as a big benefit for Germany and its export-reliant industries.
The currency was a “blessing” as it tied countries together and had made Europe BASF’s home market, he said.
($1 = €0.81)For more on BASF and other producers visit ICIS company intelligence
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