The European Commission's top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.The Telegraph outlined it half a decade ago. Now that a bigger “beneficial crisis” is looming, watch for more of the plan of the “euro fathers” to be implemented.
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …
It strikes me as a multi-nation exercise in communism - where all are supposed to support each other and those that produce more are supposed to keep pouring their hard-earned assets to keep supporting the leeches (Greece for instance) that have no desire to contribute. In the ‘60s, many hippies thought they would start communes and live the dream - they came to the sorry awakening that those who produced were abused by those who refused to ante up.