The eurozone is at the center of the global financial crisis, because only there, in the realm of the second most important currency after the dollar, does the crisis hit a weak structure rather than a state with real power. Anything less than a United States of Europe will not be powerful enough to prevent the looming disaster.
BERLIN – The eurozone is at the center of the global financial crisis, because only there, in the realm of the second most important currency after the dollar, does the crisis hit a weak “structure” rather than a state with real power. It is a structure that is squandering the trust of citizens and markets in its ability to resolve conflicts – while pushing the international financial system to the brink of disaster.
In other words, the financial crisis now reflects a political crisis of the eurozone – one that calls into question the very existence of the European project as a whole. If Europe’s monetary union fails, not much of the common market, or of European institutions and treaties, will be left. We would have to write off six decades of successful European integration, with unknown consequences.
This failure would coincide with the emergence of a new world order, as two centuries of Western predominance come to an end. Power and wealth are shifting towards East Asian and other emerging countries, while America will be preoccupied with its own problems and turning from the Atlantic towards the Pacific. If Europeans don’t address their interests now, no one will do it for them. If Europe today does not become the agent of its own destiny, it will become the object of new world powers.
With the passing of Prince Philip on April 9, the United Kingdom may have lost its last exponent of the stoic attitude that has defined so much of its modern history. Nonetheless, other cultures have picked up the baton, and modern society will always have a need for those who excel at keeping calm and carrying on.
wonder if Prince Philip's signature stoicism still has a place in contemporary society.
Helen Clark, et al.
urge the US administration to support waiving intellectual property rights in order to scale up global COVID-19 vaccination efforts.
Even in a crisis as grave as the COVID-19 pandemic, money is not a panacea, and borrowing makes sense only if it is carried out prudently and reasonably. Otherwise, states will jeopardize their long-term financial flexibility, price stability, and competitiveness.
worries that monetization of pandemic-related government borrowing will boost inflation and erode competitiveness.
BERLIN – The eurozone is at the center of the global financial crisis, because only there, in the realm of the second most important currency after the dollar, does the crisis hit a weak “structure” rather than a state with real power. It is a structure that is squandering the trust of citizens and markets in its ability to resolve conflicts – while pushing the international financial system to the brink of disaster.
In other words, the financial crisis now reflects a political crisis of the eurozone – one that calls into question the very existence of the European project as a whole. If Europe’s monetary union fails, not much of the common market, or of European institutions and treaties, will be left. We would have to write off six decades of successful European integration, with unknown consequences.
This failure would coincide with the emergence of a new world order, as two centuries of Western predominance come to an end. Power and wealth are shifting towards East Asian and other emerging countries, while America will be preoccupied with its own problems and turning from the Atlantic towards the Pacific. If Europeans don’t address their interests now, no one will do it for them. If Europe today does not become the agent of its own destiny, it will become the object of new world powers.
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