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By John Peet, Visit Amazon's Anton La Guardia Page, search results, Learn about Author Central, Anton La Guardia, , The Economist


The euro used to be purported to create an unbreakable bond among the international locations and folks of Europe. but if the debt predicament struck, the issues of the half-built foreign money introduced the eu Union with reference to brink after a long time of post-war integration.

Deep fault-lines have unfolded among ecu associations and the nation-states—and frequently among the rulers and the ruled—raising profound questions on Europe's democratic deficit. trust in ecu associations and nationwide governments alike is waning, whereas radicals on either the left and the perfect are gaining energy and influence.

Europe's leaders have to date proved the doomsayers flawed and avoided the foreign money from breaking apart. "If the euro fails, Europe fails," says Angela Merkel. but the euro, and the ecu venture as an entire, is much from secure. whether it is to outlive and thrive, leaders will ultimately need to confront tricky judgements. How a lot nationwide sovereignty are they keen to renounce to create a extra lasting and credible forex? How a lot of the debt burden and banking threat will they proportion? Is Britain ready to stroll clear of the european? and should different nations follow?

In Unhappy Union, The Economist's Europe editor and Brussels correspondent supply an astute research of the trouble. They describe America's behind-the-scenes lobbying to salvage the euro, economists' sour debates over austerity, the unseen maneuvers of the eu principal financial institution and the tortuous negotiations over banking union. within the ultimate bankruptcy, they set out the stark offerings confronting Europe's leaders and citizens.

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Additional resources for Unhappy Union: How the euro crisis – and Europe – can be fixed

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The new treaty reflected above all the changed political situation in Europe after the fall of the Berlin Wall in November 1989 and the subsequent collapse of the Soviet empire. Mitterrand, in particular, was minded to accept German unification after the fall of the wall only if France could secure some control of the Deutschmark, which he feared would otherwise become Europe’s de facto currency. In effect, he had no wish to replace the dominance of the dollar with the dominance of the Deutschmark.

Hence the underlying Franco-German deal at Maastricht. The French had long favoured a new single currency, over which they hoped (vainly, as it turned out) to exert greater influence, in large part to offset the growing might of a newly powerful united Germany. In his turn, the German chancellor, Helmut Kohl, accepted the idea of giving up the Deutschmark, which many German voters as well as the Bundesbank were against, as a price for unification and as a giant step towards building a political union in Europe.

The fighting has stopped; but the dangers have not stopped. If we are to form the United States of Europe or whatever name or form it may take, we must begin now. Four years later, with a strong nudge from the United States, the French foreign minister, Robert Schuman, produced a plan to integrate the coal and steel industries of France, Germany and anyone else who would want to join the project. 2 The solidarity in production thus established will make it plain that any war between France and Germany becomes not merely unthinkable, but materially impossible.

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