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The USE of currency failures
by Thanos Kalamidas
2011-09-06 08:24:02
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Lately more and more voices raise the issue of a political solution in the swamp Europe is drowning because of the financial situation and the former German chancellor Gerhard Schröder in an interview for a magazine is the latest to join.

The difference is that Schröder takes the whole thing one step further suggesting that the time might has come to talk about the United States of Europe openly and perhaps starting laying down a time schedule starring as the former chancellor pointed with the economic govern and immediately move to a political union and govern. But as equally correctly Gerhard Schröder mentioned this political decision will have to come through with dedication to the target and putting aside minor politics and personal agendas but that also means that they will have to accept a loss of sovereignty and that is a tricky issue especially for member states that recently enjoyed this new reality.  And I’m not only talking about Estonia, Poland or Latvia and the other east European and former soviet democracies, even Finland for example after decades of isolation enjoys the new reality of been an equally and appreciative member in a wider and popular club.

In the end of 1980s when the idea of a common currency started among the European leadership the sense was that in a constant competitive global economy the common currency will motivate common policies to defend it and in extent the first step for a future United States of Europe and in 1990s getting closer to the common currency - actually forcing it through political decisions – the feeling was that the unity was coming closer. Actually even the British rejection to join the Euro has absolutely nothing to do with the love the British people have for the pound but it was a purely political decision that had to do with the control over the former colonies occasionally blackmailing them through financial strangulation and a lot of countries have experience that including Cyprus that was freed when she joined Euro.

2000 brought the conclusion of the first face with the creation of the eurozone. Again it was a political decision and that’s why for example Greece became member. The more European states joining the Euro-cycle the more the common currency was strengthen the more the need of political decisions and common policies was becoming necessity for survival. Gut then the era of the politicians visionaries Mitterrand and Kohl, Schröder and Chirac and equally was over the era of Delors and Prodi for the European Union and came the era of Sarkozy, Merkel, Berlusconi and of course Barroso. Leaders dedicated to their personal political future and not the euro0ean future and they covered their personal agendas inside the boarders of their countries ignoring the consequences if their action for the rest of Europe. And what this bunch managed to do the last decade is what was my question in an article I wrote nearly a month ago referring to Angela Merkel and Nicola Sarkozy’s decision for a European economic governance, “So what economic governance we are talking about Nicolas and Angela when you left the European economy to go from under the safety of the states’ umbrella to Soros’ pockets?” 

The economic situation is far more tragic than what they want us to see and as I have often said the Greek issue us just the peak of the iceberg. And a titanic with nearly half a billion passengers is going to be beyond tragic for the global economy. So time has come even for the Sarkozys and Merkels to take a political decision and perhaps while the common currency failed to unite Europe the failure of a common economic policy might motivate them out of desperation to create the United States of Europe.

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