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The euro was always a political project.
There was a way to have a single currency without the economic imbalances that were built into the euro. It was called the ECU. Sure enough, it was pushed by the British government in the late 80s and early 90s. The conceit of politicians meant that they thought that they could plan their economies and ignore economic realities.
Odd isn’t it – just when one economic empire collapses based on the idea that political will beat reality – the Soviet empire – European politicians take no notice.
We only have ourselves to blame. We believed what these self-promoting idiots were telling us.
Does the EU have a democratic deficit ? Yes, but the solution is not more politicians, it is less – let the people have more say. Bring on a movement towards a more direct democracy!
Another EU debt crisis and another inadequate bailout with more strings attached. In the coming year we shall almost certainly see more Club Med countries attacked by the bond markets, and told by their Eurozone/IMF masters that the only alternative is to accept dramatic cuts and to slash ‘unaffordable’ welfare spending. In the absence of fundamental Eurozone reform, piecemeal fire-fighting will fail.Agerpres, Mediafax, Romanian Vancouver Sun,Global News, Financial Times,Le monde,Tribune, ,Wall Street Journal,The Washington Times,Athens News,The New York Times,USA Today