The Head of the ECB has “No plan B”

The head of the ECB, Mario Draghi, was asked if there was a plan if countries such as Cyprus decided to leave the Euro:

Well you really are asking questions that are so hypothetical that I don’t have an answer to them. Well, I may have a partial answer. These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro. And so they keep on asking questions like: “If the Euro breaks down, and if a country leaves the Euro, it’s not like a sliding door. It’s a very important thing. It’s a project in the European Union. That’s why you have a very hard time asking people like me “what would happened if.” No Plan B.

To mangle a phrase from Instapundit, the Euro’s in the very best of hands. It’s not like this wasn’t predicted by numerous economists prior to the creation of the eurozone or anything…

 

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