Is this the end of the road for the euro? That’s the question asked by one of Germany’s leading economists who serves as an adviser to the government. Hans-Werner Sinn writes: ‘It is hard to see a clear path forward. Some argue for still more debt socialisation and risk sharing at the European level. Others warn that this would push Europe into an even deeper quagmire of financial irresponsibility. …. The euro’s third decade will decide its fate.’ He comments that sociologist Ralf Dahrendorf was right to conclude: “The currency union is a grave error, a quixotic, reckless and misguided goal, that will not unite but break up Europe.”
At present Portugal, Spain and Greece are all governed by radical socialists who have abandoned the “austerity policy”; and Italy intends to increase the country’s debt substantially to pay for tax cuts and a guaranteed-income scheme. All of these four countries’ manufacturing sectors are still way below 2007 levels of competitiveness and their youth unemployment is shockingly high.
The euro was launched as an accounting currency on 1 January 1999 and as a cash currency on 1 January 2002, assuming both 12 am. Both charts indicate a Saturnine period in late 2021/2022. Which doesn’t mean an end of times but it does suggest there will be a harsh dose of reality.
The 1999 chart has a T Square of Mars opposition Saturn square a financial Venus which has been under pressure since 2017 and worsening in 2021 to 2023 as tr Pluto is conjunct the Venus and square Saturn. The Solar Arc Mars squares Uranus in early 2021 for a mighty crash of sorts and high insecurity; and the Solar Arc MC is square Saturn in late 2021/early 2022.
The 2002 chart has a fractious Mutable T Square of Pluto opposition Saturn square Mars, which has been muddling through heavy doses of Neptune since 2015, worsening drastically this year and next as tr Neptune is conjunct the Mars and square Pluto. With the Solar Arc Saturn conjunct the midheaven in early 2022.
Germany’s Target 2 surplus with the European Central Bank is about to tip 1 trillion euros – in Sinn’s words it is “unsecured credit against the euro system, which cannot be called in and which debtor countries pay no interest on.” The prospect of the possibility of it going up in smoke is not surprisingly causing deep unrest in Germany .