Mirtchev, A. (2012, January 4). We are all Europeans now. Forbes.
The broadening cracks in the European economic framework now appear to be undermining the whole European structure, as if a ‘contagion’ is spreading from the Southern European economies outwards. As the most serious challenge to Europe since the end of WWII, the actual policy decisions that result will likely be too little and too late to make a difference. The risk to the future of European currency is further aggravated by the fact that too many different strategies continue to be under serious consideration. This lack of consensus and decisiveness does not sit well for the future of the euro zone. In considering historical examples that might serve as a guiding light out of the current quandary, it might seem ironic that perhaps the best example is found in the original European project itself. At the end of WWII, Europe was devastated economically, politically and socially. From the seemingly impossible emerged the political will and determination to overcome extreme forms of nationalism and create a federation of Europe. While the roots of the European project were political in nature, its goals were economic. Indeed, the first move was to revitalize the whole of the European economy at the time, starting with the coal and steel community. That was More than 60 years ago. While the EU has modernized and expanded in ways that its founders may not have envisioned, the architecture that underpins the Union has not adapted to the realities of a globalized twenty-first century.