Trade Sep-Oct Interactive - page 19

German American Trade Sep/Oct 2013
19
S P O T L I G H T S
Can the Euro Be Saved,
And If Yes, How?
T
his was the keynote speech at
the “Common Economic Chal-
lenges” conference, held from July
17–19, 2013 at Chicago’s Federal
Reserve Bank. For the third year in
a row, the Goethe-Institut Chicago
invited international academics,
diplomats, and economists to
discuss European economics, the
crisis in general as well as Germa-
ny’s role in particular, and its
impact on the U.S. After examining
Economic Changes Since the
Introduction of the Euro
, and ways
of
Getting the Euro to Work
in the
past years, this year’s conference
focused on
Social Market Economy
and the Euro.
The objective of the
conference was to inform educators
about current economic issues in
Europe and their political and
cultural implications. At the same
time, these educators learned about
Europe’s economic presence in the
U.S. and its role as a business
partner, and were encouraged to
include Europe and Germany into
their curricula.
In his keynote, Dr. Henning Meyer
(London School of Economics)
suggested that European govern-
ments should “be honest and
explain the real situation to people
across Europe!” He also warned of
the dangers of a “lost generation”
due to the high youth unemploy-
ment in some European countries.
Professor Charles Kahn (University
of Illinois at Urbana-Champaign)
elaborated on the inherent difficul-
ties of multinational currencies and
those peculiar to the Euro. Dr. James
Maloy (University of Pittsburgh)
attributed those difficulties to the
fact that “the Euro was formed with
political ideals that often conflict
with economic ideals” and that its
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