When European Union leaders meet in late June, they will weigh ideas that point to more political unity as a way to stem the euro crisis. Will Europeans give up more national sovereignty?
Alvaro Barrientos/AP Photo
Two years into its debt crisis, Europe has finally arrived at the nub of its problem: Will there ever be a common European identity?
The answer may start to become clear at a European Union summit June 28-29. Leaders will weigh proposals to create a binding political union as a way to prevent a collapse of the euro – as well as to prevent the effects to the world economy.
The euro crisis began because too many countries, such as Greece, acted on old national impulses under the umbrella of a single currency. They spent too much money – borrowed from other EU countries – with little regard for the new European rules on fiscal discipline.
Instead of one for all and all for one, it was more often simply all for one.
Financial markets finally gagged on the red ink and now insist that the euro’s 17 member states create a political authority as strong as their economic union.
Angela Merkel, the German chancellor, agrees, in large part to justify helping Europe’s wobbly banks. But this would mean that each nation would need to give up a lot more sovereignty, such as control over spending on health and education.