This will not last 1 year...this detente.
Europe will splinter politically and monetarily...possibly creating new countries, regions and alliances of the strangest sort.
Or, if you read history...predictable sort.
Germany's elites don't seem too willing to let go of that "ball and chain"; rather, they seem very interested in binding it closer to it. That goes against the will of the German people, FTR.
What Greece sees as hegemony, Germany sees as a ball and chain
Now that the elites have their empire, they won't let it just splinter. It may fracture, but the core of it will remain strong; after all, this is the very "beneficial crisis" they wanted when the euro was first started.
Europe will splinter politically and monetarily...possibly creating new countries, regions and alliances of the strangest sort
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.Take notice that all sorts of taboos have already been broken, and all the talk is in favor of that very "full-fledged EU economic government". Watch for more taboos to go by the wayside.
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.
“What Greece sees as hegemony, Germany sees as a ball and chain.”
Well said. The Germans will be lucky to get back half of the money they lent to these dingalings.