Introduction: “The crisis in the eurozone is the result of France’s persistent pursuit of the “European project,” the goal of political unification that began after World War II [with the hope] that a political union, a United States of Europe similar to America’s, would…prevent the types of conflict that had caused three major European wars…[and] also make Europe a power comparable to the United States, and thereby give France, with its sophisticated foreign service, an important role in European and world affairs.” [What went wrong and what does the future hold?]
So writes Martin Feldstein, Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, above in edited excerpts from an introduction to his copyrighted article which can only be read here in its entirety. The article is one of the most informative and insightful articles written on the history of the euro and should be read by everyone.
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), provides this edited introduction and conclusion in the hope that you will access the article link to read it in full.
Body of article: Go here.
Conclusion: Feldstein concludes his article by saying, “The European project has clearly failed to achieve what French political leaders wanted…. Instead of the amity and sense of purpose…there is conflict and disarray. Europe’s international role is shrinking, with the old G-5 having evolved into the G-20 and, with German Chancellor Angela Merkel setting conditions for the eurozone, France’s ambition to dominate European policy has been thwarted.
Even if most eurozone countries retain the single currency, it will be because abandoning the euro would be financially painful. Now that its weaknesses are clear, the euro will remain a source of trouble rather than a path to political power.”
Editor’s Note: The above article may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
Much of what we see and don’t see regarding the modern-day tragedy that is Greece, is all about perserving the dream of a pan EU/European nation state, a United States of Europe if you will, rather than about bailing out the foreign bank holders of European sovereign debt. Let me explain my perspective. Words: 627
Are we about to see a huge push for a “United States of Europe”? As the sovereign debt crisis in Europe continues to spiral out of control, suddenly this term is popping up in the New York Times and in major newspapers all over Europe. Is this by accident? Surely not. The truth is that there is an overwhelming consensus among the political and financial elite of Europe that a “United States of Europe” is what would be best for the eurozone. However, they are likely going to need a massive financial crisis in order to reach their goal. [Let me explain.] Words: 1639