lost continent?

The Year of Truth

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The currency's future is in the hands of many.
  • Why it matters

    Why it matters

    If European governments do not make policies to create jobs and economic growth, ECB president Mario Draghi’s attempts to save the euro will fail.

  • Facts


    • European Central Bank president Mario Draghi has said he will do “whatever it takes” to save the euro.
    • Eurozone interest rates are now down to 0.05 percent.
    • Mr. Draghi has also backed a program to buy asset-backed securities, covered bonds and possibly government bonds on a larger scale.
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A fundamental contradiction lies at the heart of Europe.

On one hand, the future for the people of Europe lies in the unified continent. On the other hand, Europe’s elites shy away from talking openly about this.

Nationalist political parties have benefitted from this reticence: the Finns Party, the Front National, Britain’s Ukip, the Alternative for Germany – and now Syriza in Athens.

In this kind of constellation, people only talk about Europe when a problem arises.

Take the early elections in Greece, for example, and concerns about the country’s ability to pay its debts. All the discussions call into question five years of trying to rescue the euro, with billion-euro credits, writing off debts and lowering interest rates. It was all for one goal: to ensure the euro survived.

This adds up to the fact that rather than being embraced and pursued as a project, Europe is winding up a subject that people are forced to address.

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