Five years down the drain

By am2072@bath.ac.uk

After 5 years in recession no one can see light in the end of the tunnel. The European Monetary Union, as the big step for further integration among countries in Europe it seems to be a failure. Differences between the weak north countries and the south Europe are even bigger after the introduction of the Euro. It is clear now that there wasn’t a real plan for the monetary integration and the Euro was beneficial only for the stronger economies in Europe.

The lack of strict rules for countries to enter the euro zone and the absence of protection and supervision among them, were major problems that lead Europe in this situation.  Very important role that Europe cannot overtake this crisis and sustain growth in every country is that there is not a politician with the personality to handle this difficult situation. There is a need for someone to inspire all the countries with a vision for a better and different integrate Europe. Misunderstandings, slow procedures and half-solutions have made the problem even worse. As we are in the 5th year of the depression it can be said that this crisis has turned to be a political one rather than an economic.

What can be said about this crisis? First of all, it is a debt crisis of the weakest economies in the peripheral of the Euro-zone which lead to a crisis in the banking sector. However, the most important is that this crisis has degraded the values of the society. European leaders have focused in numbers (GDP, deficit, growth) rather that to people. People in countries with economic problems are suffering with the measures that their governments have taken to reduce the deficit.

People in the peripheral are desperate. In Greece suicides have raised the last few years, unemployment has increased in many countries and especially among young people (25% in Greece and Spain and over 50% for young people) and many small and medium enterprises stopped their activities. Especially Greece is facing a violent decline in the quality of life in a very short period of time. The shrunk of the economic activity by more than 25% for the begging of the depression has a great effect in people’s daily life. Without jobs and with the stagnation of the market, people are struggling to ensure even the basics for living.

Are we sure that this is the meaning of the integration in Europe? Is this what people want for a European Union? And finally is this what the great idea of the integration in Europe represents? European leaders must find a solution that will have as principal to promote wealth and life quality among all European people. Until now politicians were concentrated in the financial aspects of the crisis. Maybe now is the time to change and focus in a solution which will have as a major purpose the most valuable aspect of the society, people.

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Comments

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