'Preparing for Euro Breakup'
NOTE: To ensure audio clarity the parliament's audio recording was superimposed and the original film audio was muted. But since this was fractionally slower than the film(s) it had to be re-adjusted every few minutes, hence you may note that at times audio-lip sync is out of tempo. Excuse the camera works. The parliament's conference staff would not film it as we were told they cover only conferences, not 'public hearings'... go figure...
• Conference held in the European Parliament, Brussels, on Wednesday, 12th October 2012, Room A1E2, from 10.30 a.m. to 12.30 p.m.
Two German professors join UKIP Leader Nigel Farage MEP and UKIP MEP Godfrey Bloom for a conference in the European Parliament in Brussels, 12 October 2011.
The conference was introduced by UKIP Leader Nigel Farage MEP, co-president of the Europe of Freedom and Democracy group (EFD), which sponsored the event, chaired by Godfrey Bloom MEP (UKIP).
Professor Wilhelm Hankel, who last year led the challenge to the euro bailouts in the German Constitutional Court, tackled the first topic: "Currency Union or Foreign Exchange Rate Union?" He was followed by Professor Philipp Bagus, who dealt with the "Practical steps to withdrawing from the Euro." (See bios below.)
Born 1929 in Gdansk, started his career in 1952 at the "Bank Deutscher Länder" (the predecessor of the German Bundesbank). This was followed by positions in the Bundesministerium für wirtschaftliche Zusammenarbeit (Ministry for Economic Cooperation) and the Foreign Office.
From 1959 to 1967 he was chief economist of the Kreditanstalt für Wiederaufbau (Bank for Reconstruction) - 1967 he became the head of the department of money and credit in the Ministry for Economic Affairs and one of the closest staff members to the German economy minister Karl Schiller.
From 1971 to 1978 he was chief executive of the public Bank of the Land Hesse. Since 1971 he has been a professor for currency and development policy at the Johann Wolfgang Goethe university in Frankfurt.
Hankel has also undertaken consulting assignments for the World Bank, European Union and the Deutsche Gesellschaft für Technische Zusanmmenarbeit GTZ (German Development Aid agency). Until 1995 - assigned by the European Union -- he built up a training centre in West Siberia to educate bankers.
In 1998 - together with three colleagues - he made a complaint against the rushed introduction of the Euro at the German Federal Constitutional Court.
Guest professorships: 1974/75 in Harvard, 1975/76 Konrad Adenauer professor at the Georgetown University in Washington, 1978 to 1981 senior visiting professor at the Bologna Centre for advanced internationally Studies of the John Hopkins University, until 1983 guest professorship at the Center of Science, Berlin, 1990/91 guest professor to the Technical University Dresden, 1991/92 foundation chair of the German Federal Bank (Bundesbank) at the free University of Berlin.
Consulting assignments for the Deutsche Gesellschaft für Technische Zusanmmenarbeit GTZ (German Development Aid agency) in United Arabian Emirates and Saudi Arabia (1977/79), Korea (1980), Egypt (1981), Latin America (Dom. Republic, Guatemala, Honduras, Costa Rica, Nicaragua, 1982), PR China (1988), Jordan (1989/91), Yemen (1992), Russia (1994/95) and Georgia (1998/99).
Professor Hankel led the challenge to the euro bailouts in the German Constitutional Court.
Philipp Bagus is a professor of economics at Universidad Rey Juan Carlos in Madrid.
He earned his Bachelor's and Master's at the University of Münster and his Ph.D. from Universidad Rey Juan Carlos with Jesús Huerta de Soto as his adviser on a thesis on deflation.
He is the author of The Tragedy of the Euro -- How Political Interests Created a Self-destroying System and Deep Freeze: Global Credit Markets and the Icelandic Financial Crisis (forthcoming with co-author David Howden).
He has published articles mainly on monetary and business cycle theory in The Quarterly Journal of Austrian Economics, Libertarian Papers, Journal of Libertarian Studies, The Review of Austrian Economics, Procesos de Mercado, Economic Affairs, New Perspectives on Political Economy and the Journal of Business Ethics among others.