Thursday 14 December 2017

Europe hasn't learned

Angela Merkel
Angela Merkel

Madam --The European Union was created in the 1950s to prevent repeating the mistakes of the 1930s, and yet today, it seems as though nothing has been learned. Once again, Europe is on the brink. There has been an abject failure by Europe's leaders to tackle the euro crises head on. Greece, Ireland and Portugal are shut out of bond markets, and it looks like Spain and Italy will follow soon. We are told they are too big to save. So what happens next? It's anybody's guess.

Angela Merkel, the only EU leader with the ability to rescue the euro, for political reasons or other, has acted at an imperceptible speed and has failed to convey to the German public the calamitous situation that is enveloping Europe and the consequences for the German economy if the euro were to fail.

The idea of eurobonds is understandably abhorrent to most Germans who detest the idea of sharing the debt of other countries, particularly as their citizens are among the most prudent. And who could blame them? But we should not forget that the euro has been very good for the German economy whose exports have rocketed with a currency valued lower than the Deutschmark.

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