Latest News:  
Beijing   Sunny    34 / 23 ℃  City Forecast

Home>>World

Europe's chances of economic recovery lie in unity, not isolation (2)

(Global Times)

08:23, July 17, 2012

This is not altogether wrong but is overly simplified. Even if France does turn the tide in its own economy, the intricately woven eurozone places it at too much risk if even a small country falls into crisis.

The circumstances which allowed Greece to have such a massive impact on the economic safety of the eurozone remain true. The single currency is not strong enough to withstand any member state going under.

When Europe first bailed out Greece in all-for-one fashion, this was seen as emblematic of the bloc's raison d'etre. Four years on, cracks are appearing in this model. Bailouts of Ireland, Portugal and Italy seem to have merely delayed the inevitable and Cyprus, understandably unconvinced, has turned to Russia.

Discussions among finance ministers often descent into petty squabbling, reviving old rivalries that should have been left behind long ago. Yet the theory behind the bailouts remains true. European countries are too small to face this crisis alone, both politically and economically.

Critics say this shows the illusion of declaring one model superior to another, as happened when the euro was first introduced. I remain a fervent supporter of the EU and the euro but their institutions need to be reformed. If countries truly wish to stick to the principles of the EU, their economic policies must be centralized to a large extent.

The world is facing a myriad of economic problems, specific to different regions and countries, but the EU can still show the right direction in banding together to find common solutions.


【1】 【2】

Email|Print|Comments(Editor:朱蕤、姚春)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Aviation division conducts competing drill

  2. Life of Afghan drug addicts

  3. Best time to treat your organs

  4. A guide to cool down in the summer heat

  5. Unconceivable capacity of human organs

  6. Top 10 incurable disease in the world

Most Popular

Opinions

  1. Tokyo's islands stance harmful to ties
  2. Experts doubt legality of online auction
  3. Searching for the right professionals
  4. Clinton’s Asia trip takes economic turn
  5. Vatican needs to adapt to local systems
  6. Commercial property market a bubble to explode
  7. Assad inextricable part of peaceful transition
  8. Naval exercises routine, not warning to Japan
  9. Hanoi will feel pain for helping US return
  10. Cooperation keeps China-Africa ties strong

What's happening in China

Replica of Zheng He's ship to navigate ancient routes in 2014

  1. For destitute old man, prison was good life
  2. Park sparks anger with its miniskirt offer
  3. Suspect accused in mall fire that claimed 10 lives
  4. Mainlanders heading overseas up 20%
  5. Rescue hero may lose both legs

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai