At a meeting in
"For 200 years we Europeans made up over 20 per cent of the world's population; we now account for no more than 9 per cent, and in 40 years time we will account for just 7 per cent. Each individual EU member state will then represent only a fraction of 1 per cent. And in the same year, 2050, all of
He predicted that "perhaps in less than two decades, we will have three global currencies: the US dollar, the euro and the Chinese renminbi."
When German officials speak in private, they leave no doubt that
They are also well aware of the central place of the single currency in the argument. A
All the steps are aimed, at least in part, at strengthening and deepening the
Overlooked too, especially in
The efforts made to capitalise on the crisis include initiatives to strengthen the fiscal discipline of the Stability and Growth Pact, especially for eurozone members, and the establishment of minimum standards for national fiscal frameworks including the introduction of national debt brakes.
A new euro area crisis management regime has been created with the European Financial Stability Facility and the European Stability Mechanism, the latter due to be operational in July of this year.
Finally, a far-reaching reform of financial market oversight has been introduced, and is now operational.
Some of these initiatives will prove less convincing in practice than on paper.
There are, moreover, as there have been since the 1970s, continuing and very deep fissures between
On this score, critics of
- Toulouse Killings Send Tremors Through French Presidential Election
- Terrorist Hijacks French Elections
- How France's Quiet Man is Upsetting the European Applecart
- Why Germany Clings to the Euro
- Oil Prices Fueling Russia's Disruption of U.S. Foreign Policy
- Romney's Russia Remarks and the Dangers of Dumbed Down
- Forget America, Britain's Future is the EU
- Who Owns London's Skyline?
- Al-Qaeda Warns Britain Against Extraditing Qatada to Jordan
- The State of the World: Germany's Strategy
- Challenges for Europe's Economic Core: Germany
- Russia's Energy Plans for Turkey
- European Economies At Risk - Ireland
- European Economies At Risk - Italy
- European Economies At Risk - Portugal
- European Economies At Risk - Spain
- Police, Protesters Clash in Spanish General Strike
- European Economies At Risk - Greece
- Enforcing Budgetary Discipline in the Eurozone
- Poland's Vulnerability Amid Missile Diplomacy
- Russia and Romania: The Competition over Moldova
- France: Sarkozy's Cry for Help
- China's 'Silk Road' in the Balkans
Copyright © 2012 Tribune Media Services