Much has been made about the outcome of the EUnion ‘summit’ (EU council) last Wednesday and Thursday. The cheers in the MSM notwithstanding things may not be as happy as they seem. In his Sunday column Christopher Booker sees something entirely different: The EU has opted to do nothing and die.
And so, in two pages of impenetrable Euro-speak issued in Brussels in the small hours of Friday morning, we saw the great European dream visibly dying. The mountains heaved, to paraphrase Horace, and gave birth to a ridiculous mouse.
Bookers main thesis is that the only thing that could conceivably save the euro at this late stage is full political integration, something the euro was designed to help along.
Full political integration requires a new treaty, one to replace the
Turnip Lisbon Treaty. This would trigger a number of referenda around the EUnion, for it would mean amendments to national constitutions enshrining the supreme character of a EUnion government. But faced with increasing resistance and distrust to the EUnion back home, the ‘colleagues’ at the last minute shied away from this risky leap into the dark. And thus, by doing nothing they’ve squandered the only viable opportunity to save the euro and consigned it to its death.
Much of what Booker writes is based on the invaluable analysis done by Dr. North, who summarizes it all in one handy post here. As early as Thursday, when the MSM were collectively cheering the fortunes of the euro and the ‘defeat’ of Germany by the PIIGS, Dr. North noted:
As to the history books, my guess is that when historians look for an event and dates to mark the beginning of the final collapse of the European Union, it will be the European Council of 28-29 June. Then, the “colleagues” failed to do the one thing that had a chance, albeit slender, of saving their precious project – committing to a new treaty. And they blew it.
The rest is noise.
Come Monday, the markets will undoubtedly have figured this out as well, in all likelihood wiping away the spectacular gains made just before the weekend.
And beyond Monday? Booker writes: Gazing into the bottomless pit of debt, the EU’s leaders can neither move forward into the future nor escape from the prison they have made for themselves by their errors of the past. They must hang there in the wind, until the inexorable logic of the markets brings them to a real crunch point, more fateful for all our futures than anything they have yet dared imagine.
Thus endeth the dream…