The euro’s ‘guilty men’ are now steering Europe to catastrophe

Wednesday, June 6, 2012
By Paul Martin

Remaining in the single currency is no longer a rational choice for many countries – but will its creators listen?

By Peter Oborne
06 Jun 2012

More than six months have passed since Frances Weaver and I published our pamphlet, Guilty Men, identifying those financiers, politicians and propagandists who advocated the creation of the European single currency 15 years ago, and exposing the dishonest or even brutal methods they used.

Our pamphlet was not an exercise in academic point-scoring. As Winston Churchill told the House of Commons, in the context of appeasement in 1936: “The use of recriminating about the past is to enforce effective action at the present.” Our task was no less ambitious. We wanted to silence and, if possible, to shame those voices in British and European public life who have been responsible for the tragedy of the euro, and therefore enable the resurrection of sensible and humane economic policies.

We failed. It must be acknowledged this week that the main reason for the depth and longevity of the economic and financial catastrophe striking Europe is that all the policy-makers who are dealing with the crisis were advocates of the euro right from the beginning. In other words, the very people who caused the conflagration in the first place are in charge of putting it out.
This is a disaster. For them, the logical step of abandoning the failed policies of the past decade is unthinkable. It would be an admission of defeat and mark the disruption of their demented vision. This means they are determined to reinforce failure. Far from being driven out of public life, which is what they deserve, the creators of the eurozone crisis remain very much in charge of events.

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