Friday, April 30, 2010

European Union?-3

Now this debt crisis has hit the European Union, maybe now is the time to think what they can do to prevent another one if they are so damn proud about taking care of their own problems (that’s what the Greeks thought too until they were forced to ask the IMF to get their loans). I mean the Europeans are still reluctant to act like a one bunch and they are not sure how to lead especially Germany (although many in Europe think that they should take the lead due to their biggest economy).

I just wonder how coherent is this European Union when the times come to help another European country, they all become Germans and the French and the Italians and the Dutch etc. This whole experiment in the Europeanness is having a big hiccup. Since this was their true test in the time of crisis, in my opinion they have failed miserably. Everybody from the European Union President (if there is such a thing) to the European Central Bank (if there is also such a thing) were absent while Greek debt bled in the market and they had to turn to the IMF (the most American of all the non American institutions).

I just believe that if the European Union want to survive, they should include strong monetary steps to ensure nothing like this happens again and to do that they should be able to create a fund like European Monetary Fund (EMF) with at least Euro 250 billion to start so that if the debt of some country becomes unmanageable they should be able to step in and take the lead.

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