Euro je kreiran kao politički projekt sa ciljem jačanja (osjećaja) europske unije i međunarodne trgovine. No, nije Krugman uzalud početkom godine pitao da li se euro može spasiti? Zajednička europska valuta ima svoje dobre aspekte, ali ima i loše. Oni loši su sada jasno vidljivi, dok prije par godina malo tko je uopće zamišljao ovakve scenarije. “Euro kriza bi mogla ugroziti političku koheziju Europske Unije” kaže Soros. Koji li ironije da upravo najznačajniji projekt ekonomske i političke integracije Europe bi joj mogao doći glave.
Unfortunately the euro crisis is more intractable. In 2008 the US financial authorities that were needed to respond to the crisis were in place; at present in the eurozone one of these authorities, the common treasury, has yet to be brought into existence. This requires a political process involving a number of sovereign states. That is what has made the problem so severe. The political will to create a common European treasury was absent in the first place; and since the time when the euro was created the political cohesion of the European Union has greatly deteriorated. As a result there is no clearly visible solution to the euro crisis. In its absence the authorities have been trying to buy time.
In an ordinary financial crisis this tactic works: with the passage of time the panic subsides and confidence returns. But in this case time has been working against the authorities. Since the political will is missing, the problems continue to grow larger while the politics are also becoming more poisonous.