The EU parliamentary elections

One headline is this:

The far right anti-EU National Front was forecast to win a European Parliament election in France on Sunday, topping a nationwide ballot for the first time in a stunning advance for opponents of European integration.

I’ve long maintained two points:

1. The eurozone crisis, in purely economic terms, was always salvageable.  Monetary policy hasn’t much been used actively, the latent OMT semi-commitment more or less worked, and debt to gdp levels for the eurozone as a whole have never been worse than those of the United States, to cite a few simple facts.

2. Saving the eurozone requires a lot of political coordination, and a lot of intra-zone wealth redistribution, in a manner which I thought was unlikely to be initiated or maintained.

Since I’ve never been convinced that #2 is workable, I’ve not yet had a “I guess I’m wrong about the implosion of the eurozone” moment.  You may recall my earlier prediction: “”Enter democracy, stage right” is the next act in the play.”


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