So, the Europeans are losing faith in the European Union, according to a recent poll they are questioning the benefits of membership but they still want to keep the Euro which just shows how the European Union and the Euro-Zone has been sold to its voting members!
Nobody in the European Union wants to talk about full political and financial integration, nobody wants it but it is the only way the Euro-Zone can survive, without it the tools/levers to maintain the Euro-Zone simply do not exist.
No country in the European Union or the Euro-Zone wants full integration but in private they do admit it is the only way to save the Euro long-term, this was realized when the Euro was first introduced, the UK warned them many times but the Euro-Zone countries put their collective heads in the bucket and proceeded to create the current nightmare.
They did bring in some very tough rules for financial convergence but low and behold the first two countries to break those rules were Germany and France so what chance did the weaker countries have, the Euro-Zone can just about keep itself together in times of plenty but when stormy seas arrive, as they do from time to time, it just does not have the financial levers to stop the boat from sinking!
The creation of the Euro-Zone, within the European Union was a outrageous and reckless gamble but it has now got to the point where it is too big to be allowed to fail but no one can afford to rescue it, in fact it is probably impossible to rescue without full political and financial integration.
No country in the European Union or the Euro-Zone wants full integration but in private they do admit it is the only way to save the Euro long-term.
Now we have the European Union, Euro-Zone, problems increasing at a pace but of course the European Union is not known for speed so it could very well be overtaken and lost in the dust, the Irish are voting in their referendum although that vote looks like a YES but if Greece falls out of the Euro and Spain needs a bailout then Italy will likely follow and then all bets on survival are off.
If Germany, France, Netherlands really want the Euro then they have got to forge ahead swiftly towards full political and financial union, if not for the European Union then for the Euro-Zone, a mini United States of Europe within the European Union.
The loss of identity would be massive and it remains to be seen whether they could carry the people with them because that would be a different European Union referendum but then when did the European Union ever take its people’s views into account!