This is a very different picture than we saw back when the Euro came live. This whole Euro project began after WWII with the Coal & Steel Community, since then many treaties have defined how the Euro Zone took shape. The problem is that the Euro project simply goes from treaty to treaty in an effort to mold its own development. There is no single defining document, in other words, there is no constitution. How can the Euro Zone survive without a core? To me, the current struggles highlight the a fundamental issue… how to run a currency, but then allow different tax, debt and social systems within its member states. I think the Euro Zone is in trouble, they need to establish a constitution before they can move on in a common way.
This is a very different picture than we saw back when the Euro came live. This whole Euro project began after WWII with the Coal & Steel Community, since then many treaties have defined how the Euro Zone took shape. The problem is that the Euro project simply goes from treaty to treaty in an effort to mold its own development. There is no single defining document, in other words, there is no constitution. How can the Euro Zone survive without a core? To me, the current struggles highlight the a fundamental issue… how to run a currency, but then allow different tax, debt and social systems within its member states. I think the Euro Zone is in trouble, they need to establish a constitution before they can move on in a common way.