February 19, 2010

The flaws of the euro were part of the plan for a Europe

Sir in November 1998 I expressed clearly my surprise on Europe entering a monetary union before being a political union and especially about there not being a single word on how to proceed if any country wanted to retire from the Euro. But even though the article described exactly the difficulties that are now being confronted I titled it “Burning the bridges in Europe” because I felt it was an effort to bluff history and generate the conditions that would make a political union unavoidable.

That is why I do not agree with Samuel Brittan when he argues “Greek spotlight on a flawed project” February 19. All possible risks with the euro must have been known by its promoters, when even I knew them, and so this euro project was launched with the clear purpose of creating a political union... and, whether it fails or not, is yet to be seen.

Do I hope the burning of the bridges produces the expected results? Of course I do? Do I believe they will? I am not sure... but it is sure giving Europe a good run for its money.