Minu Wagloss Journey Blog

Ladina keel ei ole mind loodusele lähemale toonud. Tee mulle head kurjaga ja viha armastuse eest. Sa oled armastatud: needuse? Horizon has curved. Pimedus on kutse kõrvalpilgule, astuma välja mineviku-oleviku-tuleviku paratamatust voolust ja teadvustama, kuidas meie arusaamade ja motivatsioonide suhe laiema kontekstiga on muutlik ja ebapüsiv.

If we know, what was, do we know, what will come? Kui me teame, mis oli, kas me teame, mis tuleb?

Naturally there has been no shortage of takers, ranging from prestigious economists with a long record of hostility to the entire euro project to an enterprising year-old Dutch boy who uses a complex system of pizza swaps to illustrate his solution. Some focus on an individual eurozone country in most difficulty unsurprisingly Greece is frequently invoked to be selected for withdrawal from the euro and to undergo radical devaluation with a return to its old national currency.

But other economists are fully aware that if one peripheral eurozone economy is expelled, the resulting financial chaos would mean others would surely have to follow.

Recognising the profound financial, economic, political and other ties binding the eurozone economies together, some economists suggest creating two separate euro areas in place of one. No one seems clear where the frontier between the two areas would or could be drawn.

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This approach at least seems to recognise that the last two decades of European monetary if not economic union have resulted in a profound and incredibly complex web of mutual interdependence. Nor was the Argentine devaluation the success which some imagine. Most devaluation advocates know that the impact on living standards could be even more brutal than current eurozone policies. There is another dimension to the eurozone which those anxious to act as its gravediggers tend to overlook: it is driven by a very profound political as well as economic dynamic.

The breakup of the eurozone — certainly a disorderly and conflicted breakup — would surely deal a potentially fatal blow to the entire European Union project.

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Hardline Eurosceptics are happy to live with that but it is certainly not the current political consensus across the EU as a whole. Of course those keen to deliver the last rites over the euro can reasonably take comfort from the senseless austerity strategy that has been imposed by the predominantly centre-right majority of eurozone states.

The sceptics know that the eurozone economic sado-masochists are making it virtually impossible for the weaker economies to ever bring their budget deficits under control. But austerity-itis is certainly not resistant to political challenge within the eurozone and the wider EU. We are now seeing the stirrings of a movement across the EU to switch the emphasis of eurozone strategy away from mindless cuts to sustainable economic growth and jobs.

Among most European Green parties and on the further left the demand for a more radical change in strategy of Minu Wagloss Journey Blog kind advocated by EuroMemorandum is also growing. The best prospect for the euro doom-mongers rests on a new and even more devastating crisis breaking around the single currency before these political changes take effect.

But if in May, Nicholas Sarkozy Minu Wagloss Journey Blog removed from the Élysée, those devising the funeral rites of the euro may find time is running out for them.