Now that the EU Constitution has been shown to be a step too far too soon, the question as to whether the Euro was also a step too far too soon is being asked. In Ireland, the question is barely considered, but in Germany and Italy there is growing anti-Euro sentiment. This week Stern magazine published an article with the headline "Der Euro macht uns Kaputt", which roughly means 'the euro is making us broke'. The article revealed that a meeting attended by Germany's Finance Minister and the head of the Bundesbank considered the possibility that the euro would collapse.
That's still a remote possibility, but yesterday's intervention by Italian Government Minister Robert Maroni, who said his party is going to join the campaign for a referendum on pulling out of the euro, makes it a little less remote than it was two weeks ago.
Despite what the Wall Street Journal might wish, there's no doubt that what happened in the two referendums this week was more than a rebuke for the proposed Constitution. It was a rebuke for all that the EU has become. This includes the euro.
The euro may be a "liberalizing force in Europe" and a project admired by the Journal, but there are those who don't want the EU to be a "liberalizing force" and many of them voted 'No' this week.
