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My criticism is not particularly directed to the ECB, which can only affect monetary policies. It is more to the inability of EU institutions to forge a balance between the needs of the different countries comprising the union and their tolerance of and obtuseness towards the damage done to countries such as Portugal, Ireland, Greece, Spain, Italy, Cyprus, etc. Especially annoying - to the point of being maddening - is the almost universally accepted discourse about all of these problems - which is to ignore them and leave the German myth of the problems being due to lazy/corrupt peripheral countries.

If that be the case, why were they allowed into the EU? Had no one in the upper levels of EU governance ever come across Mundell's papers on 'optimum currency unions'? The costs in human suffering and EU accepted major injustices mocks the very claims of concern for social welfare on which the project was founded. It has been and remains painful to watch, even if it is currently overshadowed by the fiasco of Brexit and the Trumpeting elephant just across the Atlantic. We - all of us - seem resolute in steering directly for the shoals in this political gale.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jan 31st, 2018 at 06:02:54 AM EST
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