Euro Area

[Philippus Flavius Homovallumus]

If the Euro is faulty, then how come Germany, France etc. are doing just fine and can afford to bail all the others out?
People are blaming the Euro for all sorts of things but the truth is that the change towards the Euro was used by greedy people to fool a lot of other people into very unfortunate positions, and it worked splendidly, because most people blame the Euro instead of the greedy people, yeah, we should really lock that Euro up and then the world will be Utopia again as it was before...

The idea is not bad per se, but the implementation is at fault. As you say, Germany's economy was used by Ireland etc. to buy cheap dept, and this was encouraged (lets not pretend otherwise) as a way of increasing the size of these economies and levelly living standards.

the problem is that the dept was not cleared before the crash, or was too large to clear.

The problem is structural to the project.

[Louis VI the Fat]

The idea is not bad per se, but the implementation is at fault. As you say, Germany's economy was used by Ireland etc. to buy cheap dept, and this was encouraged (lets not pretend otherwise) as a way of increasing the size of these economies and levelly living standards.

the problem is that the dept was not cleared before the crash, or was too large to clear.

The problem is structural to the project.

The problems are tied to the project indeed. But then, it is a 'project', work in progress. The idea is to work towards economical unity through a common currency.

One can however question the wisdom of having a common currency before a common economical policy. Human nature and the short-sighted nature of contemporary politics being what they are, no adjustments will be made unless forced too. Now Europe's periphery shall have to reform in a crisis atmosphere, with painful austerity measures that punish the ones least responsible for any of this mess.


The stronger economies should not be too smug. Like the periphery, when push came to shove, they chose their own interests over those of others. Germany has done what is good for Germany, with disregard for the smaller economies tied to its currency and economic policy.

Even in the bailouts, first on the mind of Europe's core has been its own interest.


There must be an ultimate test for all policy: it must serve a concrete good for concrete people over an abstract principle. This is one of the key aspects of a democracy. One forfeits a lot of strategical planning, but it puts the human first, which is the ultimate goal of democracy. I question whether the interest of the Irish pensioner, the unemployed Greek, have been foremost in the mind of Brussels.