European Magazine
In the end, the euro will not only survive but also be strong. It isn’t
really the common currency that is currently in crisis, but instead the
prevalent ways of managing funds, budgets, and running up debt. In a
certain way, our democratic system is also in crisis, since it used to
consist of promises made at election time, which would then be achieved
through public debts.
All discussions about the differences between
Northern and Southern states really hinge on this fact rather than the
meaning of the euro itself. Wolfgang Schäuble, Germany’s Minister of
Finance, underlined this by stressing that anybody who can receive money
without conditions would also spend it. It is, so to speak, a conditio
humana of anyone, regardless of whether they live in Germany, Italy, or
Greece. Consequently, it also doesn’t matter in which currency the money
made that way is ultimately spent.
