Word: europeanate
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...frenzied betting by financial markets against the stability of Greek government bonds is a clear indication that many investors don't believe Athens will find a way to deal with its massive debt - at least not without an equally huge European bailout. But beyond the market speculation lies a longer-term question that is tormenting the 16 euro-zone nations: Could the Greek crisis be the beginning of the end for the common currency, just eight years after its first notes and coins were issued? Might the doubts and pressures that are driving the euro's value downward lead...
...clear that if levelheaded economic experts are even pondering the viability of Europe's monetary union, the situation is grave indeed. "This is a very deep crisis for the euro and all of Europe because what we have is a terrible debt and deficit problem that virtually all European nations share and no collective structures to deal with any of it," says Philippe Moreau Defarge, a European affairs expert at the French Institute on International Relations. "Europe is being forced to recognize it isn't as rich or as well-organized as it thought, and faces several long, hard years...
...what about the future of the euro? "I think it's quite possible we could see the euro gone in several years - or at least reduced to a currency only used by France, Germany and a few small nations keeping it alive," says Bob Hancké, an expert on European political economics at the London School of Economics. "The problem is that monetary union was never followed up by political union to coordinate budget and taxation practices and create euro-zone institutions and capacities to help member economies adapt to changes and turmoil. The result is member governments are left...
...Italy and Ireland until they're driven out as well," Hancké explains. "At that point, even if a core of countries continue using the euro after so many others have left, the currency will have lost it's main original function as being the means by which greater European integration and common governance is attained...
...original version of the Feb. 18 news article "Gordon Discusses Eastern European Integration" stated that the Harvard Kennedy School lecture drew about 50 audience members. In fact, the number of attendees was over...