Germany has to make a fateful choice –

Germany has to make a fateful choice –

Germany has to make a fateful choice

By Martin Wolf

“Perhaps future historians will consider Maastricht a decisive step towards the emergence of a stable, European-wide power. Yet there is another, darker possibility. The effort to bind states together may lead, instead, to a huge increase in frictions among them. If so, the event would meet the classical definition of tragedy: hubris (arrogance); ate (folly); nemesis (destruction).”

I wrote the above in the Financial Times almost 20 years ago. My fears are coming true. This crisis has done more than demonstrate that the initial design of the eurozone was defective, as most intelligent analysts then knew; it has also revealed – and, in the process, exacerbated – a fundamental lack of trust, let alone sense of shared identity, among the peoples locked together in what has become a marriage of inconvenience.


Read the full story here: Financial Times



Filed under Euro crisis, European Union, Germany

3 responses to “Germany has to make a fateful choice –

  1. Pingback: America’s inequality need not determine the future of Britain – « Dr Alf's Blog

  2. Pingback: The delicate balance of fixing the eurozone | Martin Wolf’s Exchange | Economic commentary from the Financial Times – « Dr Alf's Blog

  3. Pingback: The falling euro and the crisis that wasn’t | The World | International affairs blog from the FT – « Dr Alf's Blog

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