The Tragedy of the Euro: When the Economy Dominates
Politics and the Law
ABSTRACT: This study attempts to throw light on one of the most pressing but fascinating of Europe’s problems which has global repercussions: the ambivalences of the Euro. The Euro was artificially created with insufficient and contradictory instruments and mechanisms designed to ‘trap’ those who entered it. As a result, when there has been an imbalance in the criteria required to join the Euro club, this has become more of a problem than a solution. What happened? What went wrong with the Euro? Will the stability and management of the Euro improve with the coming into force of the new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG)? What effectiveness and what legitimacy do treaties have in economic policies? Collective currencies generate problems, the greatest of which is finding a solution.