Tom Gallagher
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Routes away from crisis
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Germany has risen to assume the leadership of the EU. Although it enjoys immunity from the pain of much of the rest of the eurozone, the future of the single currency and perhaps of the wider Union itself seems largely to be in its hands. For much of the crisis, Germany has wished to direct Europe's financial affairs through a form of eurozone governance that primarily benefits Germany irrespective of the damage done to a mounting list of eurozone countries unable to insulate themselves from it. Europhile leaders may have pioneered a European unification concept in the 1950s which gave the EU momentum until the end of the Cold War. But financial crises from that of the Balkans in the early 1990s to the extended financial one have revealed how deep its limitations are in carrying out its own projects or resolving difficulties arising from chronic design faults.

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Europe’s path to crisis

Disintegration via monetary union


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