Fmr. Fed Chair Greenspan: Euro Has Become a Failure

by Matthew Wisner
Fox Business

Despite former Federal Reserve Chairman Alan Greenspan’s concerns about inflation, he views the U.S. as one of the highlights in the global economy.

“The rest of the world is in far worse shape than we [U.S.]. Clearly Italy is in difficulty with major debt problems. The euro in general is having problems, basically because, remember, the euro was constructed for the purpose of assisting and moving the European community towards a structure which was consolidated government. It wasn’t a bunch of individual governments but merging all governments so what you had was a single Eurozone,” he told the FOX Business Network’s Maria Bartiromo.

Along with the economic ties, Greenspan explained, “What you [Eurozone] needed to do is a consolidation of the political aspects of the individual European countries.”

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