The Euro and Europe

Fighting elections and trying to save the Euro are two issues that are difficult for Sarkozy and Merkel to address simultaneously. That is why there doesn’t seem to be a solution. Europeans need to understand that the party is over. You cannot go on financing benefits by amassing new public debt indefinitely.

Parties in coalition or in absolute majority must pave the way, to make unpopular decisions, in order to reduce the massive overhang of public debt, which will hamper the reduction of debt for generations to come. Nobody has the guts to start the process, and talking is becoming more important than acting. However, people talking about a separate currency for the weaker southern area in the community are really missing the point. It is the common currency that united Europe and ensured a common approach to issues by all participants of the currency union.

Winfried Loeffler

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