The euro is one of Europe's greatest achievements. It has protected it well from many storms by providing the world's leading economy with the currency it needed. It might enable it to provide thedecisive means to emerge from the financial crisis.
The decisions taken by the Eurogroup on 12th October in Paris will emerge as a significant event, a turning point in the world's economy as well as a major step towards European unification. The European Central Bank whose action in the crisis has to be lauded, was indeed the only political, federal monetary tool to date that the Europeans had and that they shared the euro. Under constraint - they proved that there could be a consensus of opinions, rapid decision making and the implementation of joint economic political and financial measures within the Union. Even the UK seems to have been won over!
With 10, 000 billion euro the EU holds 22% of the world's wealth, ahead of the Americans (20%) and even all of the others (China: 11%, India: 5%, Russia and Brazil: 3%). If they decide together the Europeans have the ability - assuredly more than the others - to bring vital confidence back to world finance that has been shaken by excesses for which the Europeans are not really responsible. We shall see this when we add up the sums provided by Europe to emerge from the present situation; and we shall have to be able to take full advantage of this. But for the time being the only matter of urgency is to dedicate all of our strength to the implementation of this unprecedented European plan to bring reason back to the economy which appears to have drifted totally off course.
