What Germany failed to achieve with krieg, they (will) achieve with being frugal.
By today (19 November 2011) The government debt crisis in europe had went on for months.
Bringing a drama of continuous cycle of economies being at the brink of ruin, emergency solution being put forth, then the same to be found inadequate or in peril.
But throughout this drama cause by “southern european spending more than what they earn and when bankrupt, ask prudent germans to transfer their savings to the southerners”, there’s an under current of it will all belong to Germany.
As a famous CEO once said “if you cannot control your destiny, someone else will”
As weeks pass by, this undercurrent became more visible. Bolder language were used. From the inherent unfairness of Germans having to pay for someone else’ profligacy, to needed concession from sick countries and private creditors if a rescue program to be made, to how economies joining the euro zone might need to relent some degree of fiscal authority, and finally, this article in the economist (Nov 19th 2011)
“The Germans are right to argue that, if euro-zone countries want to save their currency, they must surrender much economic sovereignty. But the argument would be more persuasive if, in return, countries knew they would get more mutual protection. This could be a real step to political union. If it is not what Mrs Merkel wants—and it is unclear how many German voters would support it—then she might have to abandon her rhetoric and start planning how to manage a euro break-up instead.”
The problems brought forth by monetary union, requires solution that only fiscal union can achieve, which will be only possible if, or instead having the implication that, some political union is required.
We are, ladies and gentlemen, quite possibly witnessing the birth of the United States of Europe.
An unwanted, but inevitable love child that was conceived in 1992
And no matter how the parties involved would deny this love child, the time has come to decide as to whether to give birth to this United States of Europe (which full mature form might take quite some time) or to kill the fetus called Euro.
I wonder what the flag will look like..