Europhoria

After years of euphoria for the common currency (“europhoria”), a deepening and broadening fault line is growing in the Eurozone between vulnerable and resilient countries. The fault line became evident with the 2008 crisis, although its causes had been preexistent to it and predominantly internal to the Eurozone. Policies and common procedures are strengthening the financial situation of resilient countries, while the negative effect of austerity policies and the difficulty of vulnerable countries in reforming their economies are weakening their position. The latter are meeting increasing costs and weakening their performance, without the former being advantaged proportionally in a negative sum game. The Eurozone is consequently ailing and splitting, to the dissatisfaction and disadvantage of its inhabitants and economic agents…