El castillo de naipes europeo, por los suelos

Las fantasías puden terminar en pesadillas, … o en la nada:

Unfortunately, last weekend’s rescue package has moved the EU closer to the French ideas of fiscal union while simultaneously damaging the independence of the European Central Bank. The euro, once promised to be as hard as the Deutschmark, will soon become as soft as French camembert as a result.

The longer Europe’s political elite pretends that it will always and under all circumstances prevent any sovereign default in the eurozone, the more expensive the eventual economic damage will be. As long as Europeans rather like to listen to the political fairytales of Helmut Kohl than take economic advice from Vaclav Klaus, the ultimate bill presented to taxpayers will keep on rising.

By putting European idealism ahead of economic concerns, Europe’s leaders have given speculators ample opportunity to exploit the weaknesses of the flawed monetary construction that is the euro. The latest emergency package has only bought Europe some time. The European catastrophe is only postponed, not averted.

Léanlo enterito. Lo que escribe Oliver Marc Hartwich merece realmente la pena.