Maybe the Euro area should start making plans for a two speed Euro zone? Keep the EURO for Germany and a few others such as Austria & France. Similar rules as now. Perhaps make EURO partially convertible to gold (10-20%). But also create a new currency, call it "EPIIG" or something similar, for Greece and the other PIIGS. Idea would be to peg the EPIIG to the EURO, both currencies used side by side within the Eurozone but allow greater flexibility, occasional devaluations by the EPIIG. What would be the rules to make the new two tier system work? Some ideas:- 1. Facilitate "controlled" devaluations, determined every quarter say, typically 2-3% per year to account for higher inflation in PIIGS. 2. Create a sub-branch of the ECB to determine extent of money printing in EPIIG. ECB would set limits here. 3. Periodic promotion/demotion - forced to adopt EPIIG when nations don't meet fiscal targets over period of time, optionally can re-adopt EURO after period of good performance. Would this work?