Bolkestein wants parallel currency alongside euro
There should be a parallel currency alongside the euro to be used in creditworthy countries like the Netherlands and Germany said VVD celebrity Frits Bolkestein Wednesday at Pauw and Witteman [Dutch topical talkshow].
France should not be allowed to participate in the parallel currency, because the country is "virtually bankrupt" and "badly led".
The plans for the currency for the creditworthy countries (call it'' mark'') will have to come from the German Bundesbank. Bolkestein does recognize that this will not happen immediately, but it will one time be reality. ''In about five years they'll think otherwise.'' According to him we are only at the beginning of the problems. It is about time to ''bring order into the chaos''.
With a parallel currency, the creditworthy countries can protect their own financial position. ''The deficit countries will resist this plan fiercly, expects Bolkestein. But eventually an strong 'northern coin' will be good for their competitiveness.
I am especially interested in how everybody outside "the north" (like Portugal, Spain, Italy, Greece) see this. IMHO if this should become reality then it is the end of the euro. No idea however if this will solve anything (or what other measures should be taken to prevent events like Greece and Cyprus to happen again).