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I think you're missing a tremendous amount of context in this observation. Varoufakis is speaking a close approximation of the truth in this situation. The po
by parasubvert 11y ago
I think you're missing a tremendous amount of context in this observation. Varoufakis is speaking a close approximation of the truth in this situation. The point is that the Euro as a union is an economic disaster: Capitulating to the German electorate because they're bigger/richer is not much of a union, it's hegemony.
The USA doesn't let Alabama and Arkansas rot if Californians would prefer it that way, it has automatic transfers and laws in place to help its members out. Yes we are a tighter Union politically, but that's the aspiration of the EU and Euro, and they've just proven they really would prefer a regional hegemony than a group of political equals.
- roel_v 11y agoa) there is no 'capitulating to the German electorate'; b) the 'aspiration' of the EU is not to become a United States of Europe. I can't be bothered to go into the details, because this is EU law 101, but just the suggestion that European countries would somehow aspire to a federal model is laughable and shows 0 knowledge of the history and institutions of the EU.
- parasubvert 11y agoAnd this is the illusion that's at the heart of The EU, that EU law can somehow contort social and economic systems to work in contradictory ways. It's a confederation - all members have given up some sovereignty. Except a badly design currency union and a hegemonic leadership out of Germany doesn't make economic sense when crises hit.