€8.00 – €16.00
The EU's response to the maelstrom of the crisis has been ill-judged and slow, leading to the longest recession in its history. Millions unemployed. Millions of young people out of work. Thousands of businesses folding. A veritable disaster has struck many countries in the euro area. But why has this happened? The author provides an answer: the primary cause of all of these problems lies in the limitations of EMU, dating back twenty years. We have 19 (…) countries with a single currency – single but not common. A currency left isolated, without a “sovereign”. And the result of this? 1 euro currency and 19 (…) euro-area econo-mic policies! They would have you believe that the fault lies with the euro itself or with the debt, but that is not so! It is the national governments and EU institu-tions (apart from the ECB) that do not want to add the remaining legs to the euro (EMU) stool. Thus it will be hard to turn things around. The author, however, is convinced that this can be done, provided that it is the will of the (perhaps indignant) younger generation and the general public.
Carmelo Cedrone is a committed European. Member of the European Economic and Social Committee and vice-president of its economic section. Professor of European economic policy at La Sapienza university, Rome. Published author. Mr Cedrone has long experience as a trade-unionist in Italy, Europe and worldwide. He is a husband, father and grandfather. And a champion of young people, rights, fairness, and merit.