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IF 200 -- August 29, 2011 -- 13/20


The notion of “unity” as in “sharing a single fate” in Europe became suddenly energized when Greece run into financial trouble.    The Greek crisis unveiled the profound paradox embedded in the “European Experiment”.    Being member of the EU and the EUROZONE, Greeks believed that Greece’s problems would be EU’s problems!    In contrast, Berlin believed that Greek’s problems were neither Germany’s, nor EU’s problems!    People in other European countries had the same reaction and felt that Greeks were foreigners.

The EURO might not be allowed to disintegrate yet, although the risk of disintegration will exist as long as European nations remain obsessed with nationalism.    Individual regional powers not sharing a common vision, with fragmented military and defense policies, with no united foreign policy, with diverse economic policies and fiscal systems, could lead to disintegration of the EU bloc and common currency.    If disintegration is avoided, the EU could remain an alliance of states, nothing more than a system of relationships and interests between sovereign nations.    Hence, the EURO would have trouble gaining serious and predominant “reserve currency” and “store of value” status.  


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