title: The Euro: The Battle for the New Global Currency
author:  David Marsh 
description: <DIV><B>David Marsh</B> is chairman of SCCO International and co-chairman of Official Monetary and Financial Institutions Forum. He is a frequent contributor to German and British publications, and he lectures widely on political, economic, and business issues. He lives in London. </DIV>
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  “Marsh exposes the basic problem of the euro: no one’s in charge. Monetary
  union was a colossally risky experiment launched without adequate crisis
  management precautions and without centralised political oversight. Unlike the
  other countries, Britain properly analysed the risks and decided, rightly, to
  stay out. It’s a pity that other Europeans didn’t show similar caution.”
  
  
  —Lord (John) McFall, member of House of Lords Economic Affairs committee,
  former chairman, House of Commons Treasury Committee
  
  
  
  
  
  “An admirably lucid analysis. Marsh weaves together the politics as well as
  the economics of the euro. In Europe (very properly) politics is about
  democracy. If the euro area is to become more integrated, as it must in order
  to survive, then the democratic deficit, which is already bad enough, would
  become intolerable. This is a hugely important issue.”
  
  
  —Lord (Nigel) Lawson, former Chancellor of the Exchequer
  
  
  
  
  
  “David Marsh has once again placed his finger on t