More for the euro?

Euro-haters have been rubbing their hands with glee recently. The recession/depression, they believe, will destroy the common European currency — and maybe the European Union itself.

These people, of course, are utterly mad.

Yes, one can criticize many things about the European Union, not least its bureaucracy and its tendency to fiddle in areas where it shouldn't be fildding.

But are our collective memories really so short that we have forgotten the EU's greatest achievement? It has put a stop to wars between its member countries.

In (most of) Europe, we live in the luxury of peace. That is a remarkable achievement after the events of the 20th century. And, as the economic situation gets uglier, it is something that we come to appreciate more and more.

Just as the EU is a political and economic bulwark at times of economic uncertainly, so is the euro, despite the current strains on it.

Countries within the eurozone that are in difficulties at the moment — such as Greece, Italy and Ireland — would have even greater problems outside it. Their own currencies would quickly become worthless.

In other words, a weak member country would be mad to want to leave the currency union. And the stronger members, such as Germany, would be mad not to help the weaker ones.

Indeed, there is a good argument, as was put forward recently by Financial Times columnist Wolfgang Munchau, that the speedy extension of the euro to the struggling counties of central Europe, such as the Czech Republic and Hungary, would be the best way to stabilize their economies.

The euro-haters won't admit it. But without the EU and the common European currency, Europe would be in much deeper trouble.