Euro Likely to Keep Losing Value

The grand hopes of a decade ago that the euro, a common currency of the E.U., would lead to a golden age of economic globalism has been dashed on the rocks of political reality.

Astute Europeans are learning that the value of a currency has much less to do with the size of the government or international organization issuing it and much more to do with the financial prudence and integrity of the issuer itself. That is why tiny Switzerland has historically had such stable currency, while giants like the Soviet Union have had almost worthless currency.