The Italian crisis is looming large in the news today. For all the panic it seems to be spreading in 'the market', you would think that our EUrocrats would be a little... defensive about the way they've let contagion spread to this point.

But you'd be wrong.

From various sources we learn that our top EUrocrats, distinguished members of the Group de Francfort are using a tone of voice that indicates renewed confidence. From Reuters we learn that Ms. Merkel thinks "It is time for a breakthrough to a new Europe"
Merkel said Europe's plight was now so "unpleasant" that deep structural reforms were needed quickly, warning the rest of the world would not wait. "That will mean more Europe, not less Europe," she told a conference in Berlin.

She called for changes in EU treaties after French President Nicolas Sarkozy advocated a two-speed Europe in which euro zone countries accelerate and deepen integration while an expanding group outside the currency bloc stays more loosely connected -- a signal that some members may have to quit the euro.

"It is time for a breakthrough to a new Europe," Merkel said. "A community that says, regardless of what happens in the rest of the world, that it can never again change its ground rules, that community simply can't survive."
From the same source we have Christine Lagarde telling us
"If we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand."
And via the BBC we have El Presidente proclaiming that the Euro is the norm.
If the eurozone nations are to become a much more tightly aligned fiscal and political unit - and that is what most economists think has to happen for the Euro to survive - then what happens to those on the outside, like the UK?

In principle, all member states of the EU should be members of the euro
A thought occurs: Is the whole of the EUrocracy really so dedicated to their project they would hold the economy of the entire world hostage to their misbegotten ideal? Are they really willing to risk plunging the whole world into a depression, just to get their way? Are they really this brazen?

Related reading:

The emergence of the Frankfurt Group has turned back the democratic clock

2 opmerkingen:

Mike Spilligan zei

It reminds me of the end of the First World War (as I've read it) in that in August 1918 the German generals reported to the Kaiser that "one more push" would bring victory, but within three months they were pleading for an "armistice" - which lasted for 20 years.

Klein Verzet zei

An optimistic thought, that. And I tend to agree. The last few weeks have shown that the planned trajectory is so easily disrupted by some unexpected action or happenstance.

Whatever else, it is as intriguing as it is a privilege to watch (for better or for worse) history being made.