Image: the crisis of the Euro - a EU crisis!
The Euro crisis; thueringer-allgemeine.de

The Euro

1. Economic crisis

 

The euro crisis has caused a lot of concern in the EU for over ten years now. A viable, permanent solution is far away, because a common economic and fiscal policy would be needed, i.e. a constitutional amendment and therefore the approval by all 27 EU countries, and in some countries a national referendum.

 

Another solution could be a contractual agreement among the Euro countries, which however could split the EU in euro and non-euro countries. Such a solution has been rejected, inter alia, by the German Chancellor. For her, the euro crisis has by all means to be resolved, because: "If Greece fails, the euro fails, and If the euro fails, then Europe fails!". 

 

That’s why the EU and the European Central Bank have done everything to keep Greece in the euro zone and to avoid a "Grexit": The country was forced, under the supervision of the Troika (EU Commission, ECB and International Monetary Fund IMF) - later called "institutions" at the request of the Greek government -  to implement a rigorous austerity policy in order to receive aid totaling 350 billion euros to avoid national bankruptcy, even though the Greeks had rejected these measures with 61.3% of the votes in a refendum on 5 July 2011 ordered by the Greek government. 

 

Even larger aid packages have been decided in 2020 in favor of the countries particularly affected by the Corona crisis (especially Italy, Spain).

 

 

2. Economic policy

 

All citizens throughout Europe are invited to give their opinion regarding the Euro and a common European economic policy. Please vote with the questionnaire (question 8), choosing one of the following most important positions:

 

  1. Brussels”: To overcome the euro crisis, a common economic and fiscal policy is needed, including a European economic government, a clearly defined revenue sharing within the eurozone and transfer payments from the wealthy to the less wealthy countries. This cannot be done without a new EU constitution.
    xxxx
  2. EU opponents and sceptics: Each country shall itself decide in a referendun whether it wants to join the politically integrated euro zone, or the Common Market (without the Euro) or a large European free trade area.