Quote:
Originally Posted by OLD BOY
I know what you mean, Andrew, but it doesn't work as it should and the whole set up is extremely fragile. The Greek crisis is a symptom of this, and don't forget that Spain, Portugal and Italy came pretty close to the brink - in fact, Italy is nowhere near out of the woods yet.
Sooner or later, the EU will either have to admit defeat or go federal, IMHO.
|
All the EU and the Euro has done is give those countries a sense of invincibility. They could recklessly borrow and spend all with relative impunity. All that "going federal" would have done is limit that spending. It couldn't improve their lot other than by doing what those countries could have easily done for themselves. Eg it was the Greeks themselves allowed so much tax evasion, not the EU.