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WAPO: "This is perhaps the most important implication of the way the euro was set up. Rather than being kept free of politics, as was originally intended, management of the currency has become a political football knocked back and forth by the growing resentments between richer and poorer Europeans. The poorer countries reject the austerity measures necessary to meet German standards. The Germans refuse to take the steps necessary to build a true economic community. The result is a standoff.
Instead of acting decisively, as Geithner demanded, European governments feel limited by their commitment to “Europe” to taking small steps that will not endanger the balance within the E.U. This overwhelming fear of internal conflict is the real legacy of World War II, one that has burdened the European Union since its birth in 1957. European politicians may not be experts on finance, but they do know their voters. Doing nothing is better than risking hard-won stability."
