Tom Gallager on the hypocritical euro bailout

The euro was not well thought out as a project, the British political scientist Tom Gallagher writes in the daily România Liberă, and criticises the EU's plan to bail out the euro passed at the crisis summit last week: "It has been shown that the euro - the key pillar of European integration - stands on a brittle foundation. Instead of being the basis for a common European economy, the common currency has led the EU into an unparalleled crisis. ... The euro groups together 17 states whose economic and financial situations could not be more different.  No thought was put into that in advance, nor was there any serious debate on the sustainability of the project. We were naive and thought that the huge differences between the heavyweight industrial countries and the financially weak countries whose economies was primarily based on consumption would disappear as if by miracle with European integration . ... Last week a deeply hypocritical plan was passed. Because in reality it rescued the banks and Greece's other creditors, but not the Greek people or the Greek economy. Unfortunately, Europe is not in the best hands."

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