Say good-bye to the Euro...I hope

Economic crisis threatens the idea of one Europe..



The leaders of the European Union gathered Sunday in Brussels for an emergency summit meeting designed to tamp down the centrifugal forces unleashed by the global economic crisis that threaten to spin the bloc - and its single currency - apart. He called for a special EU fund of up to €190 billion, or $241 billion, to protect the bloc's weakest members.



"The European Union will now have to prove whether it is just a fair-weather union or has a real joint political destiny," said Stefan Kornelius, the foreign news editor of Süddeutsche Zeitung in Germany. "The whole project of a joint currency is being tested for the first time. We always said you can't really have a currency union without a political union, and we don't have one. There is no joint fiscal policy, no joint tax policy, no joint policy on which industries to subsidize or not. And none of the leaders is strong enough to pull the others out of the mud."



The 16 nations that use the euro - introduced in 1999 and one of the most disasterious political accomplishments of the last decade - are trying to keep the severe economic troubles of some members, like Ireland, Spain, Italy and Greece, from turning into national defaults that could force them to abandon the currency.



On a side note:

In 1999, every country that joined the EU was ordered to destroy their currency. All of them did, except Italy. They hung onto the Lira in a Government vault in Rome. Now, all they need to do, is allow people to trade in their Euro's for it.



May the Socialist Union collapse like the Soviets did.