Breaking up is hard to do. Those of us (read: “everyone”) who have experienced the profound and indeed sublime pain of lost love understand this.
The European Union is a marriage drawn up with the best intentions and derived from the imaginations designs from the keenest, far-looking minds. But this is more a tale of star-crossed lovers than it is a celebration of sober commitment.
That the tale has several players is of no consequence, the relationship is going through its “double down” phase. The participants cling hopefully to any ephemeral string of connection…regardless of probability and no matter how ridiculously positive outcomes are extrapolated into the future.
Here in the United States, the phrase “cut bait” (a reference to that most challenging, frustrating, and ultimately rewarding experience of fishing) is sometimes used to describe a situation where cutting one’s losses is preferable to any other outcome. It is an admission of defeat and is typically avoided at all costs by optimistic folk.
But there are poignant times in history where a wise and avuncular elder must use his powers of persuasion and effectively communicate his experience upon youthful aspiration.
Thus far, no such leader has emerged with respect to the Euro “crisis”. (I use quotations because the realization of a permanent defect should not constitute a “crisis”) A piece of paper will not transform the region into a culturally sustainable region. It might have made sense economically, but as we have all learned, compatibility cannot be manufactured.