Member-only story
The Euro and The Grand Delusion of The European Political Class
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Europe is on its knees.
More than any other time in its existence since 1945, the fate of the continent has never been more uncertain than it is right now.
China’s inexorable economic preponderance has pushed the region which gave the world, Rousseau, Diderot, Montesquieu, Smith, Hegel, Kant, Marx, Shakespeare, Dante, Ricardo, Law, Carlyle, into complete irrelevance.
The anxiety of the natives has reached fever pitch and this is evinced by the wave of anti-immigration parties leading governments across France, Germany, Poland, Portugal, Italy, Hungary, Croatia, Greece, Bulgaria and Romania.
The United States of America, which played an outsize role alongside Soviet Russia, in freeing the continent from Nazism, has taken a step back from its security committments, thus leaving it more vulnerable to the insatiably ravenous bear from Eurasia.
And it is against the backdrop of its current travails that former French minister of the economy, erstwhile head of the International Monetary Fund and current President of The European Central Bank—Christian Lagarde — made the suggestion that the currency of the EU — The Euro — should become the global currency.