quarta-feira, 28 de janeiro de 2015
FT - The Euro - gains for Germany, brought unimaginable pains to Greece
The closing line is wholly unwarranted. If anything Germany is the one Eurozone country that has benefited the most from the advent of the single currency.
In actual fact German companies and the products they make were quick to tap into every single one of the EU's 27 markets from a position of strength. The ever larger single market created more consumers to sell their goods to. Within the now 19-member Eurozone the Euro further improved gains for the region's leading economy.
On balance, no matter the liabilities that Germany has taken on - largely overblown in the German public's perception - the country added up to internal strengths and national wealth.
The European Union was supposed to be a bloc of sovereign States pooling some of their former internal power for the greater advantage of all. It would never be easy to get such a diverse set of countries and societies to work together gainfully. Yet that remains the single most important challenge that needs fulfilling. Indeed the only one that objectively justifies the existence of a European Union in the first place.
From Germany to Greece, people must grasp in their daily lives that the EU works for them despite every shortcoming and failure of each national government. Unfortunately this has not been the case to the extent that far too many citizens across Europe feel deeply disillusioned with the current workings of a dysfunctional economic union unable or unwilling to bring meaningful hope to Main Street across every capital.
Greece has to reform its society as much as Germany needs to review its hardened stance on the common monetary area, stress put on 'common'. There is now some traction and experience to go by of the path pursued thus far and outcomes produced. If anything they show there has got to be a new approach of some sort...