Hacker News Reader

Comment by felipeko | Hacker News Reader

There are things a government needs, like revenue source and public servants, to exist or do its job.

Government does not need to have its own currency for exist or to do its job.

It's debatable that government having the ability to mess with monetary policy is a good thing. It may be working in US at the moment (and it will be hard to measure if it is helping or not), but there have been a lot of countries economically ruined because of that.

View on HN

> Government does not need to have it's own currency for exist or to do it's job.

Please provide evidence for this. It seems like most successful governments disagree.

A lot of successful governments use the euro, a currency which they neither own nor control?

All the members of the Eurozone do have a say in the governance of the ECB and therefore its monetary policy... In a comparable way to the oversight the federal government has in the running of the Fed...

I think you underestimate the amount of control they have.

I do not underestimate the amount of control they have.

Their share in the bank was was determined in 1998 on the basis of the states' population and GDP, and adjusted since.

Please by all means do me a favor and educate me on the amount of control a country like Slovenia exerts on ECB monetary policy with its 0.3% capital allocation?

Slovenia can abandon the Euro at any time. This power sit's on top of any other they gain being part of the collective.

Countries use the Euro because it's useful for them to use the Euro, if it's stops being useful they drop it.

The euro is also in crisis.... Just look at Greece and Spain. The euro is an experiment and we still have time to see if it works.

Reply on news.ycombinator.com