It is a matter of opinion as to whether the Euro can withstand the latest attack upon its value and credibility. The 'markets' are of course showing huge concern about the validity of the currency and whether the Euro land project can survive? These are the same markets that pushed Germany and France into taking a major gamble with economic convergence (half baked) with totally different and weaker economies. Portugal, Greece and Ireland could never compete on the same level with the Germans or the French they have totally different economies yet they are trapped in the same currency.
I have of course supported the political aspirations behind the idea of having a united Europe and have argued that you cannot have a political union without an economic one. But it looks like those of us who supported the idea ignored the fact that the monetary union of countries with very different economies was not sustainable. This might be a good time to pull back and review where Europe is with this ambitious project? On the other hand there are those who would argue that this crisis will allow for fiscal union to take place and that would strengthen not weaken the 17 economies? I am not that sure...
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