Sunday, January 30, 2022

Wolfgang Münchau: "The battle for European integration has failed. It is time to recognise defeat, and to think through the consequences"

Coming from confirmed Europhile Münchau that is probably a sign that Europe as an ideal is past the high-water mark.

Of course a political entity built by stealth and subterfuge:

“Europe’s nations should be guided towards the superstate without their people understanding
what is happening. This can be accomplished by successive steps, each disguised as having an
economic purpose, but which will eventually and irreversibly lead to federation.”
— Jean Monnet

is going to have problems.

From EuroIntelligence, January 23:

When did we lose the fight?

When you fight for a cause that does not materialise, at what point do you recognise, and admit, defeat? There are some causes you may want to keep fighting for no matter what, like human rights or climate change. Is European integration in that category? For me, it is not. My biggest area of disagreement with my fellow European federalists is not in what we think is desirable. What we disagree on is where the dividing line between realpolitik and wishful thinking lies.

A good example occurred this weekend. The fool whose committed the crime of saying what everybody in the SPD is thinking was Kay-Achim Schönbach. He was forced to resign as head of the German Navy for revealing to the world that Germany’s natural ally is Russia.

Germany also plays a non-cooperative game in the EU’s monetary union, through an economic model that is reliant on large savings surpluses. Whether the issue is economic or foreign policy, other member states have been reluctant to challenge Germany.

The euro area’s sovereign debt crisis deprived me of my last great European illusion, the notion that crises make us stronger. That particular crisis made us weaker. So has the pandemic. I see no trajectory whatsoever for Italy to generate the degree of productivity growth needed to render its foreign debt sustainable. The only way to avoid disaster is for the ECB to support Italian debt forever. It might do so. But that would set the ECB on a toxic path, leading to a wide selection of other horrible destinations. Then again, the euro area would probably not survive an Italian debt default intact either. Pick your poison....


HT: MishTalk who believes the dream of the Superstate was never going to happen in the first place. 

The Battle for Europe Integration Has Failed and Russia Provides Proof