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According to Professor Hans-Werner Sinn, President of the prestigious German Ifo Institute for Economic Research, the Eurozone has to undertake four major steps in order to get out of the current crisis: introduce the American monetary system, downsize the Eurozone, create a banking union and accept write-off losses on the investor’s side. "What we need is a US settlement system, rather than reinventing the wheel. We mimic the American monetary system", Professor Sinn said at the occasion of the Luxembourg Economy Days 2013 at the Chamber of Commerce. He said that the Eurozone couldn’t be kept together as it is now.
"The path towards equilibrium of price levels and competitiveness for some countries is simply too far, for Greece and Portugal in my opinion even way too...
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