John Quiggin und Henry Farrell vertreten die Auffassung, dass die führenden EU-Politiker die Dinge nur schlimmer machen, als sie ohnehin schon sind:
Europe is on the brink of disaster—again. The possibility of a Greek default sent the markets roiling on Tuesday. And despite more than $2 trillion doled out to troubled nations such as Greece and Portugal, Europe’s leaders are once again meeting behind closed doors, trying to find a way to stanch the bleeding.
It won’t work, and the window of opportunity is closing fast. At their core, Europe’s problems are political, not economic. And until the continent’s richer nations find the political will to help their poorer counterparts, the situation will remain dire.
If this was just an economic problem, the solution would simple. In the short-term, Europe needs to shore up investor confidence, and the European Central Bank could do that by announcing that its top priority is preserving the euro, not price stability. This would allow the ECB to increase the money supply and ease the strain on struggling economies such as Greece and Portugal. In the meantime, the wealthier nations could put together a once-off restructuring of, say, Greek debt, and a recapitalization of the country’s national banks. [...]
The problem: Figuring out the politics. Richer member states such as Germany and the Netherlands don’t want to pay for the profligacy of Greece and Portugal. Poorer member states—like Greece and Portugal—say that they are suffering from the economically harmful austerity measures that richer states are demanding.
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Europe’s leaders should instead [...] [be] pushing for radical political change, namely, radically increasing democratic control, and making the continent as politically integrated as it is economically. [...] Creating this union wouldn’t be easy. Europe remains politically divided—both in terms of its leaders and its citizens. Yet the old disguises no longer work. And a truly united Europe may be the only way to end this seemingly interminable crisis.
