The Euro is heading for a dramatic and catastrophic collapse because of the mismanagement by The European Central Bank (ECB) and Germany who is now responsible for the euro and soon will be the dominate force within The European Union and Europe as a whole.

The European Central Bank as we have already explained in our previous story hasn't be effective in pulling together a credible plan of rescuing the euro, and countries needing bailouts in order to keep there respective governments going and paying public sector workers, and private businesses providing goods and services.

We had Greece humiliated by The German Chancellor Angela Merkel and the ECB President Mario Draghi not wanting to come up with any plan to provide extra money for eurozone countries, and fiscal plans like bailouts sooner rather than later, and look what has happened.

The Republic of Ireland was the first eurozone country to have a bailout of €113billion in 2010, but the population was blackmailed into voting again in a second referendum in order to produce the result The ECB and The European Union wanted for very painful (but not as bad as Greece) austerity. 

Portugal was next with bailout money of €78billion in 2011, and conditions of austerity being put into place to curb excessive government spending.

The newly elected Spanish Conservative Party now in government got a bailout of €100billion only to give it straight to Spanish banks who helped to create a bubble and got themselves caught by the housing bubble that they didn't control or manage. So now if the Spanish banks moved this money into the ECB to 'safeguard' these funds the Spanish taxpayer has to payback this money because the Spanish government very unwisely borrowed the money from the ECB. Yes it doesn't make sense and considering the Spanish Conservative Party campaigned on austerity and no to bailouts only to get the worst deal possible for the Spanish people.

Now we have Italy nearly ready to demand a bailout probably similar amounts of money as Ireland, Portugal, Greece and Spain have had so far, meaning that further bailout funds will be needed in other countries such as Cyprus requesting an audience with the ECB, European Union and the German government over bailout funds.

But just when things couldn't get more worst France are voicing concerns that they may need to be rescued, which is the second biggest after Germany economic powerhouse in the eurozone. Interesting that France has elected a Socialist President Francois Hollande, and the previous President Nicolas Sarkozy was a Conservative, so it isn't about Left or Right leaning political and economic ideologies it's all to do with management, and the need for better economic management.

What's the future for the euro and eurozone countries? 

Well it looks like the German government whoever gets elected in the upcoming German elections, will lead to a financial unity, where the euro will be worth the same in every eurozone country. So for example if the euro is worth 5% in Ireland it will be worth 5% in France, Germany, Spain, Italy, Portugal and yes Greece and all of the other member eurozone states.

Does Germany and the other richest eurozone countries like this?

No is the real answer. Because for example Germany sold many German cars to the Greeks who borrowed the money cheaply from the ECB because the richest eurozone countries drove down borrowing costs so the less richest states like Greece could borrow at the same interest rate. But this worked to pump vast amounts of profits for German carmakers like Mercedes, and BMW.

What's the other implications for a one price fits all eurozone? 

The richest countries like Germany, France, Spain, and Italy will suffer the most as competition will be reduced and it would mean for example making cars will cost the same in each eurozone country thus making it a plain level playing field. So just like the rich profit from the poor, this will be eradicated and thus Germany in particular will lose out and feel the pinch, as they have prospered from poorer states like Greece, and also will be left with the burden of debt from Ireland, Portugal, Greece, Spain, soon to be Italy and France.

What's the purpose of the Euro-Bond?

This is clever engineering by the ECB for two reasons, the first is sensible and necessary but the second reason is not to burden Germany as the sole survivor and purse string puppet masters, but will spread the debt amongst the other eurozone countries like Estonia, Poland, Czech Republic and even non-eurozone countries like the U.K, Sweden and other European Union member states to pick-up the tab, by paying into a centralised euro-bond.

Can the euro survive, or is it best to cut and run?

The truth of the matter is that the euro can survive and work but it needs a fiscal union where countries lose their Treasury departments, as the ECB will have a flat rate of taxation amongst the eurozone countries, and a spending policy across all of the eurozone countries. Also the debt burden is evenly distributed and ill feelings amongst member states is put to one side. If this could-be agreed upon it will work but it will not be easy as eurozone countries will have to stick to these fiscal policies set-up by the ECB.

The second part of the question is if eurozone countries abandoned the euro and returned to there own currencies their will be a fallout and social, political and economic unrest will be severe for many months (not years or even one year) but in the long-run each country will be free to tackle their debts, and manage their own currency and fiscal spend and tax policies.