Joseph E. Stiglitz, winner of the Nobel laureate in economics in 2001, recently said that the insistence on a single currency has created the most serious threat to European integration, and that the Euro, which had intended to end the European currency, could end itself . In order to salvage Europe and European integration, Europe may have to give up the euro. Concerning the outlook for the euro, Anbound believes that the euro will not collapse, but the euro system is likely to collapse. We expect the euro zone will eventually degenerate into "German-speaking euro zone" with Germany as the core of the euro zone, while some weaker economies, mainly in southern European countries, will split out.