- SPIEGEL: Over 30 years ago, you both initiated the establishment of the European Monetary System, which was a decisive preliminary step toward European monetary union. Now, as elder statesmen, do you have reason to fear that you will live to see the collapse of the euro?
Schmidt: The euro will, of course, still exist a few years from now. I am certain that it will outlive me. It could be that it outlives us all, and that is what I assume will happen.
Giscard: The euro will certainly be around longer than us. Your question is interesting because it is highly unusual. Why don't you ask for instance whether the US dollar will still exist in a few years' time, or the Japanese yen or the Chinese yuan?
SPIEGEL: The difference is obvious: These are the national currencies of large countries and economies.
Giscard: The euro is the currency of a region that has less debt than the dollar zone, a huge trade surplus and a well-managed central bank. Its current exchange rate to the dollar is above the introductory exchange rate in 2002. Why all the doubt?
Schmidt: Every day some kind of doubt is sown. But the euro as such is not in jeopardy. There is no reason why it should cease to exist.
Giscard: We are the victims of a smear campaign that has its origins in the American banking system. We are in the middle of a communication battle that is fueling speculation.
… numa excelente entrevista.
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