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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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