The European Commission’s top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.The only thing to ask is how deep will the “euro fathers” allow “crisis mode” to play out before they “save” the fiscal union . . .
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …
This is pretty much what was predicted about EU.
It could get nasty trying to figure who owns what part of all those Euros out there.
The Frogs probably figure its just a fair part of their reparations to leach off Germany.
No one should underestimate the commitment of ‘Europe’s elites’ to the vision of ‘One Europe’ as ‘challenger to the United States’.
they want to keep Europe on course until its peoples have yielded up their sovereignty and agreed to submerge themselves in a single entity .... In the capitals and corporate headquarters of the continent, these elites are, almost to a man and woman, devout Europeans.
...”If the nations of Europe would surrender their sovereignty,... let their identities be diluted through immigration and open borders,..... and submerge themselves in a larger and more inclusive Europe,.... their peoples would be rewarded with an unparalleled prosperity. .....Surrender your souls, and we will make you rich, secure and happy, said the eurocrats to the peoples of Europe.”
Tribalism, radicalism and socialism are the growth stocks of the new Europe.
(I think Pat Buchanan said this...I forgot where I got it from. But sounds about right to me just the same.)