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The cause of the current crisis is the macroeconomic nonsense that makes up the Euro institutional framework and fills the heads of the EU economic policy apparatus. That's a crisis of the Euro, the "asymmetrical shock" that was predicted by its critics in the 1990s.

The EU's political crisis makes it impossible for the EU to deal with

  1. the immigration crisis stemming from the Arab revolutions - EU solution: scrap Schengen
  2. the E.Coli crisis - EU solution: import bans and nationalistic chest thumping about produce quality
  3. the Euro crisis - EU solution: let's cause IMF riots in the periphery.

The fact that the Euro trades at a high exchange value doesn't make the Eurozone healthy.

So there may not be a Euro crisis, but there is a Eurozone crisis.

And an EU crisis.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Fri Jun 3rd, 2011 at 07:20:36 AM EST
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There may be a strong Euro, but there isn't a strong Europe.

Member states are acting as if membership is an inconvenience rather than obligation - and in the case of Ireland and Greece, that's certainly not untrue.

There is no political crisis because there is no politics.

There's a currency, and there's a parliament, and there's a constitution, and there's an impressively large number of apparatchiks and commissioners. But there's no plan, no strategy, no momentum, and no leadership - and that has left a power vacuum which has left the lunatic wankers running the ECB the de facto European sovereigns.

The irony here is that the main British criticism of Europe - that's it fundamentally undemocratic - has turned out to be correct.

Of course the UK isn't any more democratic itself. But it's become obvious that in its current form the EU is now a project by bankers, industrialists, and billionaire investors, for same.

The only way ordinary people can influence it is it by turning up in tens or hundreds of thousands, shouting, and setting fire to things.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Jun 3rd, 2011 at 07:57:06 AM EST
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