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Europe Global Environment & Development The New South From G8 to G20 The Development Agenda UN Reform Global Finance Doha Final The Euro-zone in Crisis Eastern Europe


A balance of the Euro-crisis

Fighting the Hydra

2012 was a dramatic year for the EU. The crisis could not be brought under control. It was just like with the Hydra in Greek mythology: once that one of the monster’s heads had been decollated, another one was growing again. After Greece, it became obvious that the Spanish banking crisis is a time bomb, while the Italian economy continues to stagnate as well as those of Portugal and Ireland with their severe austerity programmes.

 

For 2013 an EU wide recession is looming. Before the 13-14 December 2012 summit, expectations emerged that muddling through might end and a grand solution was in the making. However, the discussion over ambitiously prepared blueprints and roadmaps for a Genuine Economic and Monetary Union has been postponed to summer 2013.

Apparently, the EU is not Heracles. It seems that the complex governance and the fragmentation through national interests and corporate capture make this unique mixture of nation-states within the common market as well as some elements of supranational statehood structurally are incapable of solving the crisis...

... continue reading this analysis by WEED and SOMO taking stock of what EU financial reforms were achieved, or not, so far >>> here.

Posted: 28 Feb 2013


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The Euro-zone in crisis >>> here.

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Post-2015 debate: The need for a fresh start / The Doha Gateway: Road to nowhere?

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