The Saga Continues with No Real Action

Hi all, I’m posting a response I offered on foreign affairs today as I am very interested in following the EU situation. The success of the EU is critical and must be at the top of the list of critical U.S. foreign policy interests, imo.

“Thanks for the great article.
The problem with arguments like this is that they constitute red herrings: one might be able to argue that the Euro, pro forma, will survive. But whether it survives in deed is an entirely different question.
The only way it will survive both in word and deed is with a federal system that backs the currency by Europe-wide rule of law and this should have been done a long time ago. As long as this is lacking Europe is vulnerable. Europe needs a federal system as soon as possible. The author ends up acknowledging this, something with which I agree:

The European crisis is rooted in a failure of institutional design. The Economic and Monetary Union (EMU) that Europe adopted in the 1990s comprised an extensive, if incomplete, monetary union, anchored by the euro and the European Central Bank (ECB). But it included virtually no economic union: no fiscal union, no banking union, no shared economic governance institutions, and no meaningful coordination of structural economic policies.

bingo. We’ll have a new version of a Constitution for a General Federation posted soon (version 0.9).

– kk

English: Various Euro bills.

English: Various Euro bills. (Photo credit: Wikipedia)

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