The current EU economic crisis has grown into what seems like a complex and multifarious web of political havoc and almost, economic immaturity. No one could have predicted the arising of this mass instability and contagion of vulnerability from the simple debt issue of Greece.
What was actually uncovered from the Greek crisis were fundamental errors in the nucleus of the Eurozone and the inability of countries to control their debt. This sovereign debt crisis has undoubtedly damaged the credibility and foundations of the EU - a partnership which once looked attractive and highly prosperous.
The EU is home to around €10.1 trillion worth of debt and yet politicians fumbled over a credible fiscal plan to move forward. This indecisiveness of politicians furthered the feeling of detachment between ordinary citizens and politicians, a gap which was already rapidly on the increase. So far two leaders have gone - Papandreou and Berlusconi - and have been replaced by 'technocrats': academics and economists who aim to push through vital reforms without the political point-scoring extras however is this idea indeed viable? After all, bureaucracy and regulations dominate the current democratic systems...
The million dollar question, or trillion Euros question in this case, is: how can growth be introduced alongside the implementation of austerity measures? Truthfully, no politician has the exact answer however they attempt to act decisive and confident in order to delude the markets in order to reduce the volatility in the markets which are almost microcosmic expressions of confidence of consumers in the government and firms.
This is a tremendous crisis on a scale which hasn't been seen before. Interdependence and stronger links between various countries around the world has paved the way for a path of contagion and thus, we are witnessing a domino effect which isn't being stopped by those who have the power to do so. The frustration and anxiety of this has arguably resulted in the birth of the Occupy protests occurring around the world; the inequalities in society are intensified by the current situation of increasing unemployment and poverty and people look to the illustrious wealth of the bankers and see nothing but greed and the failure of all systems and regulations which have been put in place to prevent damaging things such as reckless banking.
The pivotal thing that must be done in these times is to learn to prevent such a catastrophe from arising in the future. Crucial reforms need to be made in the Euro: stronger fiscal and monetary union as well as a change in the democratic system which is seen to have all its power concentrated in Brussels, not with the people, where it should belong.
Each day, a new chapter is turned. Each day, instability rocks the markets back and forth, and the minds of the academics who try to find a solution. Surely, there is always a solution? Each day, the reputation of politics and the capitalist system faces a depression in the public eye. I hope that each day, we can learn and build for the future.
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