When Euro was introduced in the global economy, there was so much enthusiasm! The closing of a process that went far beyond all the treaties that have sampled it.
From Bruxelles to Lisbon, so many signatures to build an union in a continent which history is full of contrasts, conflicts and wars. Maastricht brought institutionalization to the nascent federal community. Brand-new Commission, Parliament and Courts. Fiscal policies well provisioned for limiting each national debt. A track that would had provide for a secure entry into a global economic highway.
That’s not how things wound up. To level out 28 currencies, 28 different economies and so many national and regional historic routes. Furthermore, a political decision to create the Union, that was not so close to the citizens as its mission has always claimed.
What Greeks think about subsidiarity in this moment? What did debt-affected states think during their austerities? It’s not properly a question that European leaders, international banks and foreign investors ask themselves. What really has got importance is competitiveness. Four are currently the main currencies called in the IMF’s basket of Special Drawing Rights – while a fifth is ready to be added –and for its structure, global economy rests on competitiveness. Finance on credibility.
An union that is made of banking decisions and a leader called “Debt” which would deserve a coup as unlawful as its rise to the power. And under its huge influence, heads of state are vassals of their own little fiefdoms.
Maybe, while Germany is so occupied in strangle Greek, someone other could think about a different name rather than “Union”.