I’ve periodically mentioned that the current European sovereign debt crisis could be a catalyst that brings fiscal and eventually political union in Europe, a key development that probably needs to take place if the European Union is going to emerge as a significant End Times player. The reason that the European sovereign debt crisis could be a catalyst to bring Europe more together is that the E.U. and the Euro’s survival depends on the close coordination of countries throughout Europe.
- This assessment is shared by Herman Van Rompuy, the President of the European Council, who recently stated: “We all have to work together in order to survive with the eurozone, because if we don’t survive with the eurozone we will not survive with the European Union”.
I’ve been monitoring the news for any signs that increased fiscal or political union is on the horizon in Europe. There have been a few developments in recent months including a proposal to create an E.U. Treasury, which would be a major step towards fiscal union. However, more recently I’ve heard some experts talk more about the possibility of the E.U. disintegrating as a result of current the European sovereign debt crisis.
- For instance, Ambrose Evans-Pritchard, international business editor for the Daily Telegraph recently commented that he saw real potential for the rich countries of northern Europe to leave the E.U. if they become tired of bailing out debt-ridden southern Europe AND the potential for southern European countries to leave the E.U. so they can regain the right to print money (they don’t have the ability to print money on their own under the current E.U. arrangement).
Today I’ll share my thoughts about the possibility of the European Union breaking up as a consequence of the ongoing sovereign debt crisis in Europe.
