Much has been said about the European crisis and understandably, mostly in a negative context, but I wanted to offer you a different point of view– from a macro and longer-term perspective. In my opinion, this crisis will strengthen the Euro Zone and create a stronger foundation for the global economy, based on stronger fiscal alignment.
Addressing Foundational Holes
This crisis is testing the very founding principles of the European Union. In other words, there have been several economical crises, such as Ireland’s, Greece’s and soon to be others, that have forced the politicians to scramble, but also to finally address the holes within the loosely-framed European economic policy. Yes, these times are unprecedented, concerning and they certainly have short-term negative implications, but my contention is that these holes would have never been addressed, had the problems never arisen in the first place.