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Friday, 24 June 2011

Europe in crisis?

I have of course supported the Euro project as long as I remember and since the days when I was an undergraduate student.

I have always been in favour of a united Europe a Federation that would not depend on the USA for support. Europe has suffered as a result of nationalism and tribal wars for centuries so a united continent would stop that. That's where my support comes from.

But I think that the project has been pushed too hard without preparation and much thought. Especially in the area to do with finances. You cannot have a common currency between states that have fundamentally different methods and systems of collecting revenue and you definitely cannot have a common currency area where there is no central bank with the power to determine financial policy. If you don't have these central controls then you allow for a situation like the current one with Greece, Ireland, Spain and Portugal, so I have no idea why this crisis was not anticipated and measures were not put in place?

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