The Problem With a Small Europe
Presiding over Germany’s unification in the nineteenth century, Otto von Bismarck demonstrated how to use crises to force his preferred outcome – a practice that the leaders of Europe’s creditor countries seem to be emulating today. The difference is that Bismarck’s preferred outcome actually enhanced European stability.
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NEW YORK – News headlines notwithstanding, the fundamental challenge facing Europe today extends far beyond Greece. The real question is what kind of European Union Greece’s creditors want: a “small” one, comprising only the countries that are prepared to live by their exacting standards, or a “big” one that heeds the Treaty of Rome’s call for “ever-closer union.”