EU seems to enter in a stage of disruption. We can see here, for instance an analysis of the situation.

We believe that as of July 2012 Europe is sleepwalking toward a disaster of incalculable proportions. Over the last few weeks, the situation in the debtor countries has deteriorated dramatically. The sense of a never-ending crisis, with one domino falling after another, must be reversed. The last domino, Spain, is days away from a liquidity crisis, according to its own  finance minister. This dramatic situation is the result of a euro zone system, which as it is currently constructed, is thoroughly broken. The cause is a systemic failure that exacerbated a boom in capital flows and credit and complicated its aftermath after the boom turned to bust. It is the responsibility of all European nations that were parties to its flawed design, construction, and implementation to contribute to a solution. This does not mean that the costs of the crisis should be socialised across euro zone citizens: systemic failure does not absolve from responsibility individuals, banks, and supervisors who took or oversaw imprudent lending and borrowing decisions. But it does mean that the extent to which markets are currently meting out punishment against specific countries may be a poor reflection of national responsibility, and
that a successful crisis response must be collective and embody some burden sharing across countries. Absent this collective constructive response, the euro will disintegrate.

 

 

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