It is no exaggeration to say that the EU is threatened, both internally and externally, by reactionary nationalism, which is why the next euro crisis will come in the form of a political crisis. So why are Europe's leaders clinging to policies that have made a bad situation worse?
BERLIN – The euro crisis, it is said, is over. Calm has returned to financial markets, amid ironclad assurances by the European Union authorities – particularly the European Central Bank – that the monetary union will be preserved. But Southern Europe’s economies remain depressed, and the eurozone as a whole is suffering from stagnant growth, deflationary pressure, and, in the crisis countries, persistently high unemployment.
BERLIN – The euro crisis, it is said, is over. Calm has returned to financial markets, amid ironclad assurances by the European Union authorities – particularly the European Central Bank – that the monetary union will be preserved. But Southern Europe’s economies remain depressed, and the eurozone as a whole is suffering from stagnant growth, deflationary pressure, and, in the crisis countries, persistently high unemployment.