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Can the euro be saved?

Discussion in 'Sports and News' started by Stitch, Nov 28, 2011.

  1. Stitch

    Stitch Active Member

    A move afoot for EU control of eurozone-member budgets.

    http://online.wSportsJournalists.com/article/SB10001424052970203802204577064573943069702.html

    For the euro to work, the EU needs to have control of national budgets. I can't see the euro continuing without fiscal controls in place.
     
  2. Flying Headbutt

    Flying Headbutt Moderator Staff Member

    I don't understand why it SHOULD be saved. It sounds all nice and harmonious, one Europe for everyone. But none of those countries want to give up their national identity or authority. And when that happens, you have a situation like now where Germany is bailing everyone out.
     
  3. LongTimeListener

    LongTimeListener Well-Known Member

    I would have a hard time being German and watching the Greeks continue to party down and be outraged by the mere mention of austerity. But if a bank is too big to fail, how is a continent not?
     
  4. Stitch

    Stitch Active Member

    The argument for whether to save the euro or not comes down to whether you align yourself with liberalism or realism. Does the existence of the EU, which mandates democratic systems and free markets, promote peace in Europe?

    Could peace in Europe be maintained if states reverted to pre-World War I policies where each state built up their militaries and competed for colonies to maintain the balance of power, which created a security dilemma?
     
  5. Michael_ Gee

    Michael_ Gee Well-Known Member

    There would be nothing wrong with a fiscal union of the EU as long as it was governed by a democratically elected legislature and/or executive on the one-man, one-vote principle. Germany would be the very first nation to reject that idea, but it'd be a photo finish with all the other countries.
     
  6. Armchair_QB

    Armchair_QB Well-Known Member

    If giving up control of national budgets is a part of the plan to save the Euro then the answer to the question is "No, the Euro can't be saved."
     
  7. deskslave

    deskslave Active Member

    There IS a democratically elected EU legislature. Granted, no one pays the first bit of attention to either it or the elections for it, the latter of which are typically used to make "statements" by voting for third parties and the like. I couldn't tell you the name of my MEP if you put a gun to my head.
     
  8. Michael_ Gee

    Michael_ Gee Well-Known Member

    I know about the European Parliament, deskslave, but I meant a legislature with the power to set a unified EU budget for euro zone member countries. That's a far cry from whatever powers the current Parliament has, which I'm unclear on, and I'll bet many members are there with me on that.
     
  9. deskslave

    deskslave Active Member

    Most Europeans are with you on that. As far as anyone here knows, all the European Parliament ever does is set ridiculous laws about the shapes of vegetables.

    But yeah. You have to have a joint monetary policy to have a joint currency, and I'll be emperor of Europe before that happens. The only thing holding the euro together at this point is the dread fear of what happens if it falls apart.
     
  10. Stoney

    Stoney Well-Known Member

    This. I'm not sure why the average German would want the Euro to be saved. They've got to be SO sick and tired of bailing out the EU deadbeats.
     
  11. LanceyHoward

    LanceyHoward Active Member

    But then what happens to German banks who have lots of Greek debt. And if the Euro goes and every country reverts to thier own currency countries like Italy probably devalue and will be unable to pay the Euro denominated debt. Can Germany afford to let the Euro fail?
     
  12. deskslave

    deskslave Active Member

    Nope. And that's why the populist stuff doesn't work.

    Germans may well be tired of bailing out the rest of Europe. But that's the consequence of lending so much money to the rest of Europe, the better to finance their "export-driven" economy. The rest of Europe was buying German exports using German money. So it's the old canard about me owing you $1,000 or $1 million. One's my problem, the other's yours. Same with Germany.
     
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