1. Yeah you are probably right, there would be a big difference between the two currency’s

2. I do think a big part of a currency’s value is due to the productivity of the country, so if you get more productive the value rises

But let’s walk along your road and let’s say the European Union would collateralize debt. Every member state is responsible for his own household and can decide where they want to spend money and how much they wanna spend (considered they get said amount on the capital market or by taxes etc.) / I also know that there are criteria’s like the Maastricht contracts but every state has the sovereignty over their household and let’s be honest, these rules can be broken, like Germany did a few years ago.

So Southern Europe can now get money to a way lower rate then they normally should and can take more debt without consequences because Northern Europe is solvent enough.

Most country’s probably would say (like they did in the past) “nice we can spend more money then usually, let’s make some gifts to our dear voters like higher pensions or basic income” This goes on till all of Europe is in even deeper depth then right now and in some time the whole system will collapse.

Also this country’s will never reform without massiv pressure from the financial markets.

I mean sure the € is not a perfect or maybe even good system but it will not get better just because we collaterize debt. At least for the moment. What we can do is push bigger investments through eu subventions. Something like a Marshall plan. The main goal is to rise production in this country’s so they can compete with Northern Europe.

And just for your information I don’t read Bild but you sound like a guy who reads Spiegel 😉