Wednesday, October 26, 2011

''EUROPE AFTER THE CRISIS'' by CHARLES A.E. GOODHART

''Europe has moved forward in fits and starts, ever since it began coming together in the 1950s. Currently it is having a fit. It is hard to see quite how and when this will end, but we doubt if this crisis will end either swiftly or well. Europe, or rather the euro-zone within it, could easily come to appear in tatters, at least temporarily. But the European ideal has so much power that crisis and even division will not permanently prevail. There have been several prior serious set-backs, e.g. the break-up of the snake in the tunnel, the collapse of the Exchange Rate Mechanism, and each time the leaders of Europe absorbed what were thought to be the prior lessons and bounced back to drive the European project forward yet again. Thus the collapse of the snake in the tunnel led to the ERM, and the collapse of the ERM led to the single currency. But..''
read more..

No comments:

Post a Comment