A lost friend

Germans aren't panicking about the euro's fall in value. But more than a few have visions of deutschmarks and pfennigs dancing in their heads.

I wouldn't be surprised if many Germans aren't trying to remember where they might have stashed that wad of deutschmarks back in 2002 when the euro went into circulation. Who knows? They might be needed again.

You see, the Deutschmark is back in the news - and back in the hearts of many in this country. In fact, it never really left.

As politicians have been scrambling to save the Greek economy from default, Germans have been falling out of love with the euro. Sure, the common currency simplifies traveling across the border to France to buy a baguette. But it also makes it easier for countries like Greece or Portugal to run up massive debts that Mr. and Mrs. German taxpayer end up paying for.

A deep bond

Nuh-uh, many are saying, that's not how it used to be. Maybe it's time to bring our beloved D-mark back from the dead and consider the euro experiment failed.

It shouldn't be that surprising. Germans were never that thrilled about the new money anyway. They had a deep emotional connection to their D-mark. It was a strong, stable currency. It meant Germany would never return to the hyperinflation of the Weimar years. It led the country through a post-war economic miracle and political rehabilitation. It was a familiar, reliable friend.

No wonder that so many have held on to them. Germany's Bundesbank says there are over six-and-a-half billion deutschmarks in bills and almost seven billion in coins floating around out there. And a lot of people would like to start spending them again. A new survey shows that nearly half of Germans would like to see the D-mark come back if the value of the euro continues heading south.

An unrealistic dream

But this deutschmark worship is pretty unrealistic. The cost of changing the currency again would be enormous. If Germany pulled out of the euro, the currency would most likely collapse and pull the entire eurozone economy down with it.

Of course, I can't read the future. But the D-mark is likely to remain a fond memory. The euro will struggle and then straighten itself up again; people will move on. Anyway, I don't want to have to start converting currencies again. It was hard enough eight years ago. I say: let's hang on to the euro, even in tough times.

But then again, I wonder where I did hide those D-marks - just in case?

Author: Kyle James
Editor: Sabina Casagrande