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 only thing to ask is how deep will the “euro fathers” allow “crisis mode” to play out before they “save” the fiscal union . . .
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. …
Just curious, because the EU looks a whole lot like a mini UN.
Lot's of unelected bureaucrats and appointed diplomats issue edicts and regulations,it's very expensive to operate, and is essentially a self-declared political entity of uncertain power and funding streams.