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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Hawkmoon who wrote (2711)12/26/2000 2:59:14 PM
From: Henry Volquardsen   of 3536
 
Agreed. Long term success of economic union requires political union. And I believe that the politicians behind the Euro believe that as well. But they realize that if that had been part of the original proposal for the Euro it would have killed the Euro. The Euro becomes the Trojan Horse that ushers in political union. It is worth remembering that the original ancestor of the EU, the European Coal Board, was intended to tie the economies of France and Germany closer to each other largely to reduce the prospect of another war between the two. The EU has always had greater political union as a vehicle for controlling a powerful Germany as a central, though rarely voiced, goal. It is worth noting that the timetable for currency union was much longer term prior to the collapse of the Soviet Union. Once the Soviets collapsed it opened up Eastern Europe for economic development by the West. Germany was uniquely positioned geographically, culturally and economically to be the major player. The European political elites that had lived through WWII, including the Germans, were extremely nervous about Germany becoming even more powerful. The timetables for economic union were accelerated rapidly as a means of tying Germany to the West. There were some fascinating comments by senior European politicians at the time, including one by Kohl explicitly warning of potential military conflict if economic union wasn't pursued.
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