How the Euro Became Europe’s Greatest Threat

Ordinary Europeans are losing patience, wondering if more bailouts can possibly stem the crisis once and for all. A handful of finance ministers scramble to contain the damage, preventing the Greek crisis from spreading and forcing cuts in valued social programs in nations where citizens did not overspend. The euro’s founders did not envision such a crisis or the political fury over a huge transfer of wealth. “The fact that the countries funding the bailouts are lacking democratic legitimization is now becoming the greatest impediment to joint crisis management,” explains an article from Der Spiegel. Voters in both weak and strong economies resent surprises of a market that encouraged spendthrift ways one day and imposes draconian measures the next. Governments are unprepared, and only a few politicians understand the inner workings of the financial system. Europeans are rattled by the lack of an orderly process with sensible oversight. – YaleGlobal