• by Mario Soares
• Monday, January 09, 2012
• Inter Press Service

It is hard to see how the European Union and the euro can find their way out of the imbroglio their leaders have led themselves, and all Europeanists, into, writes Mario Soares, ex-president and ex-prime minister of Portugal.

In this analysis, Soares writes that the European Central Bank continues to lack the tools necessary to address a crisis of this nature, in sharp contrast to other central banks. Almost no one listens to the European Commission or the President of the EU, while the European Parliament is ignored. If this situation leads to collapse, the blame will lie with the lack of courage and ability of the leaders of these institutions, who in the comfort of their lofty positions issue promises that no one can be sure of keeping and take very few steps to defend the euro and lower the risk that the Union will disintegrate.

Fundamental values like solidarity and equality among all states are gradually disappearing. Social justice, one of the great post-war victories, is being eliminated bit by bit, along with human rights. German philosopher Jurgen Habermas has written that market speculation is corroding everything, including democracy. Unless there is a serious break with neoliberalism and prompt implementation of ethical regulation of globalisation, the EU and the euro will be drawn inexorably into a phase of serious decline that will affect Europeans and the entire world.

(*) Mario Soares is ex-president and ex-prime minister of Portugal.

© Inter Press Service (2012) — All Rights Reserved. Original source: Inter Press Service

Where next?

Advertisement