Tuesday, 7 October 2008
Race to the end of the EU?
As is patently obvious the EU solution to the crisis has been non-existent. Where are the central finance functions to co-ordinate any plan? Where is the unity amongst the countries?
Ireland guaranteed, Angela had a hissy and then went and did exactly that a few days later. Now Denmark and Austria are following suit.
Yet the UK, Italy and Spain are reticent, whilst France boasts about leadership whilst providing none.
Some said the Euro-area was never a good single currency area. Indeed, it was the subject of my master's thesis in 1995!
But this crisis may perhaps show that the Euro cannot continue without radical surgery. perhaps the pro-Europe side will use this as an opportunity to gain the powers they need over national governments - either that or the EU will begin to break up.
Just a few months left after all to make my prediction of the Euro area falling apart by end 2008 come true.....