The Euro has spiraled to 8 month lows against the USD, as investors weigh the EU Constitution’s failure to gain universal ratification.  Many experts and high ranking European officials have hinted the Euro may soon be eliminated. Last week, Italy’s Minister of Welfare attributed Italy’s economic problems to the Euro common currency system.  His claims were later supported by an independent report, which argued the Euro was indeed  responsible for the Italian economic recession. Most of the countries on the Euro are struggling economically, leading many to call for the end of the Euro. The president of the European Central Bank, however, dismisses rumors of the Euro’s dissolution as ‘absurd.’ The situation is further complicated by the fact Europeans never officially approved of the Euro. The Times Online reports:

The euro is vulnerable to a collapse in public support because none of the 12 countries that joined it allowed their people to approve the decision in a referendum. Many Dutch used the referendum on the constitution to show their disapproval of the euro, while in Germany polls show 56 per cent of people want to return to the mark.

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