If Europe doesn’t get its act together on the debt crisis, prosperity will suffer and dangerous political fragmentation will set in. But if Europe succeeds in converging toward Germany's standards, what becomes of the convivial cultures of the south – Italy, Spain, and Greece?
The romantic side of the Germanic soul has always loved the Italian volksgeist, or spirit. Like the poet Goethe, northerners have long sought to escape, if only on temporary vacations, an unforgiving ethos of prudence and discipline in search of the charming inefficiency and sensuality of Mediterranean climes and culture.
The single European currency, combined with the burdens of the Bismarck-invented welfare state that faces demographic demise and competition from the rising rest around the globe, has put an end to this pleasant complementarity.
Now everyone is tied together in one continental fate, obliged to answer to the same global bond market by harmonizing their diverse tempers and rhythms to the Protestant tune of productivity, competitiveness, and fiscal responsibility.
Not surprisingly, there is push-back on all sides, leaving the European project of integration in a kind of purgatory between the old nation-state and a full European political union. In a resonant historical twist, the issue is once again a matter of indulgences. The Protestant Reformation was rooted in Martin Luther’s revolt against poor German peasants being forced to buy indulgences from wealthy Roman clergy as a way out of purgatory.
Today, Luther’s wealthy descendants refuse to indulge the poorer and fiscally lax Italians or other southerners in the name of one day reaching a common European utopia.
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