German Government Advisor Predicts End of Euro
April 25, 2013 • 9:39AM

Speaking to the German Sunday tabloid Welt am Sonntag on April 21, Kai Konrad, chairman of the scientific advisory council of the Ministry of Finance, said that for him, "Europe is important, the euro isn't. And I give the euro only a limited chance of survival, in the medium term perspective." Welt asked what he means by that, maybe five years? Konrad: "It is difficult to define time spans; that depends on many factors. But five years, that sounds realistic."

Konrad also said he disagrees with the austerity course of the EU and of his own government, because it does not improve the situation and provokes Germanophobia throughout Europe. Neither does a return to the Maastricht criteria make sense, because the criteria can only be kept if there is economic growth. Governments should be allowed to borrow, if it serves the promotion of growth, Konrad said.