The Perils of Europe’s Navel Gazing
Economic problems constitutes only a part of the eurozone’s troubles. The euro crisis is, above all, a reflection of deep-seated weaknesses in European institutions and the fabric of European society.
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MADRID – While the world anxiously awaits the climax of the eurozone drama, its leaders’ behavior resembles the political equivalent of what physicists call “Brownian motion,” with officials bouncing randomly from one crucial bilateral consultation and vital European summit to the next. The impact of make-or-break declarations that are supposed to solve the monetary union’s problems dissipates almost as soon as they are issued.