Though no country has benefited more than Germany from the currency union, many Germans remain convinced that much of the rest of Europe — particularly the Mediterranean states — is trying to pick its pockets. The Greek bailouts, which cost Germany little in the grander scheme of things, only hardened that impression. In fact, for much of the German establishment, Macron’s ideas are nothing less than an open invitation to raid Berlin’s treasury.
The French have sided with Merkel against the UK during the past two French gov'ts, one of the reasons Brexit was approved by British voters. Now the Devil has turned 'round on them, and they have no complaint coming. Thanks Berlin_Freeper.
I remember being in Greece and holding a drachma (their former currency) in one hand and a euro in the other...
The euro felt so vague and soulless. The drachma had character and history.
Symbolic.
The French have sided with Merkel against the UK during the past two French gov'ts, one of the reasons Brexit was approved by British voters.?
“...The Greek bailouts, which cost Germany little in the grander scheme of things, ...”
When I read that I wondered what the heck the author meant. It cost plenty, but the author’s thinking seems to be, what the heck, just print more money.
The EU concept is unworkable and is doomed to fail. It’s like a family with a hard working wage earner living with a bunch of lazy drunks and drug addicts. The wage earner brings home the bacon and the others sell it out the back door to buy alcohol and cocaine.
What the article alludes to but does not directly address is:
Difference between fiscal and monetary policy:
Monetary policy involves changing the interest rate and influencing the money supply. Fiscal policy involves the government changing tax rates and levels of government spending to influence aggregate demand in the economy.
As long as each country has control over its own fiscal policy the “union” is in name only.
Heh. Now the Germans are beginning to feel like most Americans have felt since the shooting stopped for WW2.
The entire world has it’s arms into our pockets up to their shoulders.