Once, the rickety obsolete structure of the European Union could have been reformed. With the failure of the Euro Zone, Europeans must look carefully at how to survive the Euro and build a relationship between neighbours that can help economic recovery and provide a reliable basis for future relations within Europe and between Europe and the rest of the world. One priority should be the restoration of democracy in Italy and Greece after the German coup.
The World has been watching the slow motion Euro train crash that threatens the global economy.
The Euro Zone was headed for a disaster from its first days, making it the slowest train crash in history.
Forcing 17 countries into a single economy was going to be hard enough, however it was handled, but the idea of turning a blind eye to those countries that never observed the inadequate rules from the start guaranteed problems in the future. The only questions were – when? and how bad?
At any point during the last six years, the Euro Zone leaders could have decided to reform the Euro and make it work as a real single currency, rather than just pretending that the Euro was a real single currency with a single sovereign debt.
As the leaders have dithered and tried to hide the fundamental problems, the situation has just become that much worse and reached the point where there may not be enough money between the Euro Zone members to satisfy the markets that they can service the huge debts they have run up.
Reich Kanzler Merkel may be dithering or just waiting until the last moment when Germany can force the most advantageous terms out of their fellow Euro Zone members. If she is waiting deliberately for German advantage it will be inexcusable because the time for decision may already have been passed.
British Prime Minster Cameron is planning a lightning tour of European leaders next week in a last ditch attempt to convince the Euro Zone that it must act and to discuss with fellow non-Euro EU members how they survive a total failure of the Euro. With events now starting to move rapidly to the end game, his tour may end up focusing on survival after the Euro fails.
If a total failure results for the Euro, the blame will lay firmly at the door of the Franco German ruling elite, but that will be small comfort for all the other economies that will be damaged by the incompetence and arrogance of the Franco German politicians and the unelected Eurocrats.