Last week Vladimir Putin said it is “quite possible” that Russia will one day join the eurozone thus creating a currency that would replace the US dollar as the global reserve standard.
Will the Euro survive long enough to make Putin’s dream of being in the driving seat come true?
Speaking at the same event in Germany, Josef Ackermann, CEO of Deutsche Bank, echoed Mr Putin and said he could imagine that happening.
This comes as it’s still unclear if the Euro can even survive the current sovereign debt crisis. “The European debt crisis is far from over and will most likely last for years”, according to David Hensley, of JP Morgan in New York. It’s even a question mark if the Europe can handle bailing out Spain, should that become necessary. Vladimir Putin however, is convinced the Euro will not only stabilise but be strengthened.
Russia joining the Euro is definitely a possibility in the long term. But by that time maybe the world has already been integrated beyond continents with the world being one “country” with one world currency that could for instance be called World? What is today called countries would be regions of the united world.
Mr Putin also stated that for the past decade there has been a reliance on the dollar that needs to be rebalanced for the good of the world economy. Or as he put it: “We should move away from the excessive monopoly of the dollar as the only global reserve currency”.
Sounds like we are still in the cold war, doesn’t it? Maybe it’s not a coincidence that Putin’s maternal grandfather was one of Stalin’s chefs? If Stalin was the “Red Tsar” maybe Putin hopes to become the “Euro Tsar”?
So is Putin’s dream of joining forces with Europe likely to come true? Presumably with Russia, being by far the largest country, as a driving force? Or is it wishful thinking on Putin’s part? Is he, just like Stalin, making the wrong predictions about world developments? What do you think? Will we see Europe and Russia joining forces or will developments towards a united world happen before that becomes reality?
(Photo: Alexander Plushev – Flickr)
Footnote: More information on the Euro and likely developments in the following of my articles: