Ambrose Evans-Pritchard of The Telegraph puts eloquently and compellingly the prosecution case for the greatest deliberate economic misfortune of our era. He argues that this gross failure of democracy leads him to vote to leave the EC. But, as President G. W. Bush used to say, you are either at the table or you are lunch. This failure should mean we redouble our efforts to reform European institutions and rid them of the Dutch-German austerity policies which so dominate economic policy.
Nobody has ever been held to account for the design faults and hubris of the euro, or for the monetary and fiscal contraction that turned recession into depression, and led to levels of youth unemployment across a large arc of Europe that nobody would have thought possible or tolerable in a modern civilized society. The only people that are ever blamed are the victims.
There has been no truth and reconciliation commission for the greatest economic crime of modern times. We do not know who exactly was responsible for anything because power was exercised through a shadowy interplay of elites in Berlin, Frankfurt, Brussels, and Paris, and still is. Everything is deniable. All slips through the crack of oversight.
Nor have those in charge learned the lessons of EMU failure. The burden of adjustment still falls on South, without offsetting expansion in the North. It is a formula for deflation and hysteresis. That way lies yet another Lost Decade.
Has there ever been a proper airing of how the elected leaders of Greece and Italy were forced out of power and replaced by EU technocrats, perhaps not by coups d’etat in a strict legal sense but certainly by skulduggery?
On what authority did the European Central Bank write secret letters to the leaders of Spain and Italy in 2011 ordering detailed changes to labour and social law, and fiscal policy, holding a gun to their head on bond purchases?
What is so striking about these episodes is not that EU officials took such drastic decisions in the white heat of crisis, but that it was allowed to pass so easily. The EU’s missionary press corps turned a blind eye. The European Parliament closed ranks, the reflex of a nomenklatura.
While you could say that the euro is nothing to do with us, it obviously goes to the character of the EU: how it exercises power, and how far it will go in extremis.”