Europe

What a fascinating time it is to live in Europe.

Just a couple of years ago Ireland accepted that the economic hysteria of the Celtic Tiger had been somewhat of a mirage, and began trying to pick up the pieces, as many wondered if it could remain a member of the Euro currency zone. Then Greece demonstrated that Ireland was not unique,and that there were other weak brethren, including Portugal and Spain.

The members of the Euro currency are committed to national budgets which cannot provide for deficit-spending in excess of three percent of revenue, but the discipline was widely ignored. What was to be done? Would it not be just to let the weak brethren go to the wall? Germany said 'No'. The fear was that a succession of basket cases would overwhelm the Euro. It hasn't happened yet, and now, like frightened children who know they have been naughty, member states are coming in with national budgets geared to reducing their deficits. Germany talks of extending the three per cent deficit rule to all members of the European Union, not just those wedded to the Euro.

In 1945 Europe was in bits, until Jean Monnet conceived the concept of the European Union, and now it is still managing to bring almost thirty members, as disparate as one can imagine,along a road paved with mutual respect, and concern for the needs of each other.