On To The “New World Odor”!…
Greek Debt Crisis Raises Doubts About the European Union
By STEVEN ERLANGER and MATTHEW SALTMARSH
PARIS — Europe’s consistent inability to move quickly enough to get ahead of the financial markets during the Greece crisis is shaking the euro and the foundations of the European Union itself, as critics of the euro have long predicted would happen.
The question being raised with increasing urgency is whether the European Union can fashion a mechanism to speed decision-making before irreversible damage is done and the euro itself slips into history.
The delays are inevitable, most experts say, stemming from the nature of the European Union and its own institutional voids: no single government, no single treasury, no effective fiscal coordination, no mechanism for crisis management.
Every major decision on the euro must be negotiated among member states and European institutions, a torturous process that also plays up political fissures both within and among member countries. That breeds uncertainty and even panic among investors, who already doubt that the Greek deal that the European leaders finally sealed on Friday night will forestall an eventual restructuring of Athens’ crippling debt.