Interesting assertions from Václav Klaus, the Czech president in an Oped in the Wall Street Journal:
It is evident that the euro—the European single currency—and the currently proposed measures to save the euro do not represent any "salvation" for the European economy. In the long run, it can be saved only by a radical restructuring of the European economic and social system. My country had a velvet revolution and made a radical transformation of its political, economic and social structures. Fifteen years ago, I sometimes joked that after entering the EU we should start a velvet revolution there as well. Unfortunately, this ceases to be a joke now.
The Czech Republic has not made a mistake by avoiding the membership in the euro zone.
Klaus's view about the euro not being a salvation is going to become the predominant view for European countries, which are yet to join the euro (and those whose economy will have to go through austerity measures) and will now take into account the Greek example. I'm just wondering how long this trend is going to last. My guess is that it doesn't depend on the EU, but on the health of other currencies, particularly the dollar
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