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Is the Euro Dead? (Or does it just smell funny?)

Of all the shotgun weddings and arranged marriages which have taken place in the EU, the joining together in a single currency was one of the most bold. The question is that with the various crises besetting economies in the Euro zone, will the idealism which heralded its introduction be enough to sustain the currency?

Increasingly those in the know don’t think so. And if the Euro perishes on the rock of reality, what then for the EU itself?

In today’s Independent Sean O’grady takes a tentative glimpse into the future


Euro Disnae Work

I have always been of the opinion that the EU had strayed too far from its original concept of a trading federation (or was that the original concept?). At each stage of integration there is a collective will to push measures through no matter what. The population of a country rejects the constitution? That’s ok we’ll call it something else. They reject the something else? that’s ok we’ll ask them again and skew the result with scaremongering propaganda.

A country doesn’t meet criteria or obey rules? that’s ok we’ll turn a blind eye. We must press on with the project and integrate the EU and its currencies. It may be that Gordon Brown (and Blair) did the UK one huge favour at least, and that was to keep us out of the Euro zone. Of course that guarantees nothing in itself but perhaps he saw the dangers and pitfalls ahead (whilst admittedly  missing completely the banking crisis ).

Yesterday’s news that Germany is to ban short selling, ie that low life chancers speculators can effectively bet on falls in shares, is indication that the currency may be about to spectacularly crash and burn. The very idea that this sort of speculation is permitted in the first place, when you consider how good the EU is at regulating and legislating, is rather curious.

We may be witnessing the unravelling of the EU as we know it. It was and is inevitable at some stage. It was always going to be painful. Even if it does survive, another crisis will be along soon. That is because it is 1) Too large and unwieldy 2) Too centralised and undemocratic 3) Too bureaucratic 4) Trying to achieve an impossible dream.

If through this crisis there is a re-examination of the EU and its institutions and practices then good.

It is long overdue.