If there is money, there are controversions
With the recent events in Greece, where people once again stormed the streets to show they frustration and lack of trust to the government, the world could once again observe the struggle of the European Union to work out a common crisis policy. One my say that the problems of the Greek economy are an issue only to the Euro-currency group, but the problem goes further. As it turns out not only the involvement of the IMP and the Euro Monetary Union was need, but also a full agreement of the rest of EU states was necessary. All this once again drove controversy to the very idea of the Euro currency. Will the Euro survive with all the national states undermining its transparency?
Two of the biggest contributors to the EMU France and Germany are starting to doubt the involvement of financial unstable countries within the Euro project. Especially in Germany’s cold approach to the economical disaster in Greece we could observe a disappointment and disagreement. Finally a rescue plan for Greece was forged by the member states Finance Ministers and a success in the prevention of a another deep economical crisis in Europe was announced. What I want to ask, is the problem really solved?
Once again have the European string-pullers proved that they are not capable of developing a long term stabilization plan. Helping Greece is just softening the symptoms and not curing the illness. The Euro Monetary Union is becoming a overblown bubble that could burst unexpectedly, as by now it is kept alive by strong support from sovereign, national states and their financial bail outs during the time Europe was first struck by the world economical crisis. The questions is, whether the Euro is strong enough to survive the financial tsunami in Europe, or is it just a artificial product of a noble idea. Expert voices are leaning more and more towards the dusk of the universal European currency, yet state leaders of the EU remain optimistic. The rise or fall of the Euro is still a hazard of judgement and apparently one of the reasons economists can’t sleep at night. One thing is certain, something is wrong with the European economy and it mustn’t be particularly connect with the recent world crisis. Something might just spread the disease from the very core of the ECU.
As I mentioned this isn’t the first time Greece has problems with it’s public debt, so why do all the other states once again have to put effort in reviving Greece’s economy. “A test of solidarity” – you can hear from euro-enthusiasts, “By helping them, we help ourselves” would the pragmatics say, and finally the euro-sceptics “Bureaucracy and Super-state forming”. Where is the balance? This is more a question for a fortune-teller, as analytics’s were proved wrong to many times. Anyhow is it right to carry on your back a state that for the last decades has done nothing more than pushed itself towards bankruptcy. The fact that Greece is in the ECU puts it in favour of other countries, like i.e. Hungary who recently has undergone a severe economical crisis. The reluctance to help was here more noticeable.
Maybe the Euro is a currency for a Superstate, and this is still not the time to talk about such a geopolitical structure in Europe.
MP
