Gideon Rachman chief foreign affairs columnist for the Financial Times
News Home
|
Gideon Rachman
If you want to understand what is happening to the European Union’s constitution,
the EU flag is a good place to start
Gideon Rachman, Financial Times June 12 2007
Those who argue that “political union” is the solution to the current crisis seem to believe that Europe’s problem is institutional. Unlike the US, the eurozone does not have the political institutions to back up a common currency. But if Europe was just equipped with a finance ministry or the facility to issue eurozone bonds or to tax citizens directly, everything could be fixed. This is a profound misdiagnosis of the crisis.
Those who argue that “political union” is the solution to the current crisis seem to believe that Europe’s problem is institutional. The real problem is political and cultural.
There is not a strong enough common political identity in Europe to support the single currency.
That is why German, Dutch and Finnish voters are revolting against the idea of bailing out Greece again – while Greeks riot against what they see as a new colonialism imposed from Brussels and Frankfurt.
Gideon Rachman, 20 June 2011
There is the argument in government ministries and the smoke-free conference rooms of Brussels.
But the future of the European economy and its single currency is more likely to be decided on the streets.
Gideon Rachman, FT October 18 2010
How do you balance the moral hazards of propping up the banks,
with the practical hazards of letting them default?
Gideon Rachman, FT December 6 2010
The deal reached to strengthen the bloc’s €440bn rescue fund
But, have no doubt, the European debt crisis will return.
Gideon Rachman, FT March 14 2011
The euro’s big fat failed wedding
The European Union was banking on three forms of convergence: economic, political and popular.
Gideon Rachman March 29 2010
Greece threatens more than the euro
The risk for Europe now is that if the EU does not move forward politically in response to the Greek crisis, it will move backwards – and the long process of European integration could start to unravel.
Gideon Rachman, FT. February 22 2010