Friday 19 January 2018

EU's biggest test since fall of the Berlin Wall

Mario Draghi, president of the European Central Bank (ECB)
Mario Draghi, president of the European Central Bank (ECB)

The coming week brings the biggest test to Europe's leaders since the fall of the Berlin Wall in November 1989. After Greek voters' 'No' in an extraordinary referendum, all eyes are on European Central Bank governor Mario Draghi.

The immediate ECB decisions on funding for Greek banks can effectively decide whether or not there is an early exit of Greece from the 19 nations of the EU which make up the Eurozone.

But all the events since 2008, not least in relation to Greece, have again underlined that the creation of the euro was essentially a political project, decided upon by the democratically-elected leaders of the European Union member states. The accompanying economic union, necessary to sustain a huge multi-nation currency union, was at kindest estimate a work in progress.

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