Why Ditching the Euro Would Be a Bad Idea

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By Sven Böll

Many Germans want their beloved deutsche mark back.

Even before the current crisis, many Germans dreamed of ditching the euro and re-embracing their beloved deutsche mark. In a five-part series, SPIEGEL ONLINE responds to the myths surrounding the euro vs. deutsche mark debate -- and shows why they are all wrong.

Be honest, now: Do you actually remember what color the 50-deutsche mark bill was? Or what picture was on the back of a 10-mark bill? Or which coin didn't have an eagle or an oak sprig on its reverse side?

If put on the spot, most Germans probably couldn't answer all -- or maybe even any -- of these questions. (If you're interested, here are the answers: The 50-mark bill was yellowish-brown, the back of the 10-mark bill bore an image of a sextant, and the reverse of the 50-pfennig coin showed a kneeling woman planting an oak seedling.)

Although very few Germans can remember exactly what the deutsche mark bills and coins that served as the currency of the Federal Republic of Germany for over 50 years looked like, a whole lot of them believe that everything was better when they used it.

In fact, surveys show that half of all Germans would like their old currency back. A majority of them considers the good old deutsche mark a better currency than the new and supposedly bad euro.

The Five Big Myths

There's no denying that the euro has gone through some rough times, and that it isn't out of the woods yet. The near-bankruptcies of Greece and Ireland last year weren't exactly good advertisements for the benefits of Europe's common currency. Still, it's also true that -- even if its detractors take great pleasure in suggesting so -- not all of these problems can be attributed to the euro itself. To put it bluntly, Germany still had plenty of problems even when it had the deutsche mark.

In Germany, at least, you can't talk about the future of the euro without talking about the deutsche mark, and it's a debate that shows no sign of going away. And whether it's an avowed euroskeptic speaking, or just someone waxing nostalgic about the mark, it almost always seems to be the same five myths that crop up:

No one ever asked the Germans if they wanted the euro. The euro is a much worse currency than the deutsche mark. The European Union basically means that everybody else benefits while Germany foots the bill. It wouldn't be that hard to dissolve the currency union. European integration can work just as well without the euro.

It's high time to inject a bit of reality into the debate and counter these misconceptions with a few hard facts. In the coming days, a five-part SPIEGEL ONLINE series will individually address each of these myths.

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Related Topics Accession to the European Union European Union DER SPIEGEL

Germans are skeptical of the euro and favor a tough line on ailing euro-zone economies.

RELATED SPIEGEL ONLINE LINKS The ECB and the Common Currency: Jean-Claude Trichet's Lonely Fight to Save the Euro (03/14/2011) Endgame for Europe's Currency Reform: Is Euro Summit First Step Toward Economic Government? (03/11/2011) Return to the Drachma?: Economists Warn Greece May Have to Quit Euro (02/22/2011) Keeping the Euro: Merkel Rules Out Return to Deutsche Mark (01/19/2011) Demanding the Mark Back: Opposition to the Euro Grows in Germany (12/27/2010) Top Economists Debate the Crisis: 'Clinging to the Euro Will Only Prolong the Agony' (12/22/2010) RELATED INTERNET LINKS Hans-Olaf Henkel: Germany Needs to Resist Euro's Poison SPIEGEL ONLINE is not liable for the content of external web pages. EUROPEAN PARTNERS Presseurop

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Although very few Germans can remember exactly what the deutsche mark bills and coins that served as the currency of the Federal Republic of Germany for over 50 years looked like, a whole lot of them believe that everything was better when they used it.

In fact, surveys show that half of all Germans would like their old currency back. A majority of them considers the good old deutsche mark a better currency than the new and supposedly bad euro.

The Five Big Myths

There's no denying that the euro has gone through some rough times, and that it isn't out of the woods yet. The near-bankruptcies of Greece and Ireland last year weren't exactly good advertisements for the benefits of Europe's common currency. Still, it's also true that -- even if its detractors take great pleasure in suggesting so -- not all of these problems can be attributed to the euro itself. To put it bluntly, Germany still had plenty of problems even when it had the deutsche mark.

In Germany, at least, you can't talk about the future of the euro without talking about the deutsche mark, and it's a debate that shows no sign of going away. And whether it's an avowed euroskeptic speaking, or just someone waxing nostalgic about the mark, it almost always seems to be the same five myths that crop up:

No one ever asked the Germans if they wanted the euro. The euro is a much worse currency than the deutsche mark. The European Union basically means that everybody else benefits while Germany foots the bill. It wouldn't be that hard to dissolve the currency union. European integration can work just as well without the euro.

It's high time to inject a bit of reality into the debate and counter these misconceptions with a few hard facts. In the coming days, a five-part SPIEGEL ONLINE series will individually address each of these myths.

1 | 2 Next Part 1: Why Ditching the Euro Would Be a Bad Idea Part 2: Myth 1: 'No one ever asked the Germans if they wanted the euro.' Article... Print E-Mail Feedback For reasons of data protection and privacy, your IP address will only be stored if you are a registered user of Facebook and you are currently logged in to the service. For more detailed information, please click on the "i" symbol.

Post to other social networks:

Keep track of the news

Stay informed with our free news services:

All news from SPIEGEL International Twitter | RSS All news from Europe section RSS

© SPIEGEL ONLINE 2011 All Rights Reserved Reproduction only allowed with the permission of SPIEGELnet GmbH

REPRINTS

Find out how you can reprint this SPIEGEL ONLINE article.

Related Topics Accession to the European Union European Union DER SPIEGEL

Germans are skeptical of the euro and favor a tough line on ailing euro-zone economies.

RELATED SPIEGEL ONLINE LINKS The ECB and the Common Currency: Jean-Claude Trichet's Lonely Fight to Save the Euro (03/14/2011) Endgame for Europe's Currency Reform: Is Euro Summit First Step Toward Economic Government? (03/11/2011) Return to the Drachma?: Economists Warn Greece May Have to Quit Euro (02/22/2011) Keeping the Euro: Merkel Rules Out Return to Deutsche Mark (01/19/2011) Demanding the Mark Back: Opposition to the Euro Grows in Germany (12/27/2010) Top Economists Debate the Crisis: 'Clinging to the Euro Will Only Prolong the Agony' (12/22/2010) RELATED INTERNET LINKS Hans-Olaf Henkel: Germany Needs to Resist Euro's Poison SPIEGEL ONLINE is not liable for the content of external web pages. EUROPEAN PARTNERS Presseurop

Ireland for sale (Blog)

The moral test of fire (Presseurop)

Politiken

Denmark to send squadron on Libya op

DSB CEO to be replaced

Corriere della Sera

Berlusconi Tells Protesters “I’m Staying” – Bossi Comments “Worse Luck For Him”

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Allies Press Libya, Saying Declaration of Cease-Fire Is Not Enough

Bahrain Tears Down Monument as Protesters Seethe

ABC News

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Photos: Japan: Images of Devastation, Recovery

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MORE FROM SPIEGEL INTERNATIONAL German Politics Merkel's New Govermnent: Forging Germany's Future World War II Truth and Reconciliation: Why the War Still Haunts Europe Economy Green Shoots: Europe Climbs Out of Crisis Climate Change Global Warming: Curbing Carbon before It's Too Late Fall of the Wall 20 Years Later: Legacy of the Iron Curtain Overview International TOP Home Politik Wirtschaft Panorama Sport Kultur Netzwelt Wissenschaft UniSPIEGEL SchulSPIEGEL Reise Auto Wetter DIENSTE Schlagzeilen RSS Newsletter Mobil VIDEO Nachrichten Videos SPIEGEL TV Magazin SPIEGEL TV Programm SPIEGEL Geschichte MEDIA SPIEGEL QC Mediadaten Selbstbuchungstool weitere Zeitschriften MAGAZINE DER SPIEGEL Dein SPIEGEL SPIEGEL GESCHICHTE SPIEGEL WISSEN KulturSPIEGEL UniSPIEGEL SPIEGEL GRUPPE Abo Shop SPIEGEL TV manager magazin Harvard Business Man. buchreport buch aktuell SPIEGEL-Gruppe WEITERE Hilfe Kontakt Nachdrucke Datenschutz Impressum TOP

In Germany, at least, you can't talk about the future of the euro without talking about the deutsche mark, and it's a debate that shows no sign of going away. And whether it's an avowed euroskeptic speaking, or just someone waxing nostalgic about the mark, it almost always seems to be the same five myths that crop up:

No one ever asked the Germans if they wanted the euro. The euro is a much worse currency than the deutsche mark. The European Union basically means that everybody else benefits while Germany foots the bill. It wouldn't be that hard to dissolve the currency union. European integration can work just as well without the euro.

It's high time to inject a bit of reality into the debate and counter these misconceptions with a few hard facts. In the coming days, a five-part SPIEGEL ONLINE series will individually address each of these myths.

Post to other social networks:

Stay informed with our free news services:

© SPIEGEL ONLINE 2011 All Rights Reserved Reproduction only allowed with the permission of SPIEGELnet GmbH

Find out how you can reprint this SPIEGEL ONLINE article.

Germans are skeptical of the euro and favor a tough line on ailing euro-zone economies.

Ireland for sale (Blog)

The moral test of fire (Presseurop)

Denmark to send squadron on Libya op

DSB CEO to be replaced

Berlusconi Tells Protesters “I’m Staying” – Bossi Comments “Worse Luck For Him”

Frecce Tricolori Air Display and 21-Gun Salute on Janiculum for Italy’s 150th Birthday Party

Allies Press Libya, Saying Declaration of Cease-Fire Is Not Enough

Bahrain Tears Down Monument as Protesters Seethe

Libya Declares Cease Fire: Gadhafi Backing Down?

Photos: Japan: Images of Devastation, Recovery

Follow SPIEGEL_English on Twitter now:

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