Czech President: Eurozone Has ‘Failed’

While Klaus' words are no doubt hard to swallow for the European Union, it behooves the EU to at the very least acknowledge them.

In an opinion piece written for the Wall Street Journal this week, Czech president Vaclav Klaus makes a bold assertion: “The euro zone has failed.”

Klaus, a known skeptic when it comes to the European Union, reiterated his critical view of the idea of a single European currency, while at the same time stating: “I have not rejoiced at the current problems in the euro zone because their consequences could be serious for all of us in Europe. … Even the enthusiastic propagandists of the euro suddenly speak about the potential collapse of the whole project now, and it is us critics who say we have to look at it in a more structured way.”

While Klaus’ words are no doubt hard to swallow for the European Union, it behooves the EU to at the very least acknowledge them. A professional economist, Klaus does not fly in the face of the EU without an understanding of the factors at play. Moreover, it is a tough sell at the moment to argue that European currency is working without a hitch.

This is hardly the first attack Klaus has made upon the concept of the European Union. His euroscepticism is a hallmark of his presidency, so it is hardly surprising that he might seize upon economic troubles in Europe to bolster his opinion.

That said, perhaps it’s time people listened.