Zeev-
I have felt from the get-go that the Euro would not make it because these countries don't even like one another. Germany has invaded France three times in the last 130 years, and these two countries are going to be economic partners? I don't think so. The same lack of love could be noted with other members of the EU, but Germany/France is the most pronounced of the misfits.
The kind of beggar-thy-neighbor, cheapening of international currencies is just the type of stress that could bring old squabbles back to the front burner. I think we are already seeing that as the EU has been slow to lower their interest rates in the face of rapidly contracting economies in the whole of western Europe. (Someone recently returning from France noted that the word "depression" is a staple of conversation there.)
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