Jürgen Habermas (German philosopher) tell us that the euro is all a problem of short term politics and we need the politicians to stand up and think of the long term:
We call on Europe\’s leaders to take over the political agenda again and develop a new plan for the future of a prosperous and united eurozone……We also need new and effective economic governance mechanisms to address the institutional deficiencies of the eurozone and the closer co-ordination of fiscal policies. Monetary union requires closer political union……..Only a confident new politics can bring back lasting trust in the financial stability of the monetary union and the future of the European unification process.
But Jurgy Baby, that\’s been the long term political aim all along.
We\’ve all known, right from the start, that monetary union would not work without more economic union, more coordination of economies from the centre.
That\’s why monetary union was launched: so that when we got to the inevitable crisis, the centralisers could leap into action and point out that more centralisation was the only cure.
This isn\’t a flaw in the plan, this is the plan.