The unraveling of the European Union

THE GUARDIAN - A major rift has opened up between Germany and France for the first time in 30 months of euro crisis over how to restore confidence in the single currency. A special EU summit marking the debut of France's President François Hollande saw him challenge Germany's chancellor, Angela Merkel, on the euro, arguing that the pooling of eurozone debt liability – eurobonds – had to be retained as an option for saving the currency. Merkel has ruled out eurobonds as illegal under current EU law.

The historical differences between Germany and France are finally coming into focus. France will never accepts the leadership of Germany.

The other countries are followers. They never had any muscle in the running of the continent. The cultures are so different between Germany and the southern countries that their merger cannot and will not work.

The disagreement between Merkel and Hollande is the first act showing clearly to the world opinion why the Euro is a failed, tragic experiment I condemned since 2003.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

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