The eurozone states appear to have an inescapable choice. They must either move towards becoming a single state, or they must renounce the single currency.
Although it is probably too late to make the euro work, it would be possible to devise a strategy for doing so. This would require fundamental changes and a dramatic abrogation of sovereignty by the 17 euro states. In future, there would have to be a eurozone chancellor of the exchequer, who would take all the important decisions on taxation, borrowing and public spending, while the European central bank controlled interest rates and regulated the banks. It would be difficult to centralise control of fiscal and monetary policy without imposing standardised labour market practices. The eurozone would have become a sovereign state; the 17, mere provinces.
I compare this article to those written in the early 1990’s which said the Euro would never come into existence and think about those of then and now who still think the EU will never become a superstate.
The time may be ripe, Overripe?
Thanks to visitor “Truth” for bringing this to our attention.
The other interesting point to this article is it’s near admission that we may be entering a time when the world will need to look to near supernatural help. Do you think the EU will turn to the Christian God in prayer?
This is provided as past may be preview. The difference as I see it is in size and the ability or should I say growing lack of ability for others to stabilize the situation. Argentina did not fully collapse because of the existence and help of outside stabilizing forces and institutions.