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Consequences of the “€uro crisis” – what you also have to keep in mind…

On friday one could find a nearly brilliant article in the economic section of the FAZ. You could think that this brilliance is just natural because of the name the academic who wrote the article bears. He is called Prof. Lucke (professor for economics) – if you don’t get the picture right now…have a look at “About” on this blog…

Anyway, Prof. Lucke wrote many smart things about the current crisis and ways out of that situation and about things you should not do (that are the things the goverments are doing currently by the way).

By the end of his article he raised one question and he also wrote that this questions was so far not discussed in broad public. That question is more or less what are the effects of the crisis not for the EU itself or for the member states when it comes to financial matters but what are the consequences for the political landscape (in his example in Germany).

That’s a very crucial question. As Prof. Lucke indicated it is absolutely thinkable that a negative outcome out of the so called “euro crisis” due to wrong politics is not only effecting the involved countries in financial trouble, the EU as a whole and the money of the stronger member states – it can also cause harm on the political foundations of a country.

The most obvious danger is (next to the lost money) that the political elite will loose the rest of credibility within the society. What that can provoke could be experienced lately in Spain where the young citizens got to the street because of the disastrous situation. Leftish youngsters in parts of Europe tried to transform this to their countries without much success ( for a revoultion you need citizens who are really troubled – revolution from the sofa couch does not work).

The one thing is to loose the citizens / voters or a period of time. But what if this loss also restructures the system of political parties. After the Greens came up in the 80s in Germany we experienced  where discontent lead to new parties which shaped the system permanently (look at the Left Party).

That could easily happen again if the politicians in power at the moment will do a wrong job. Here I can refer again to the above mentioned article which summarises very well what are good solutions and what are bad approaches. Decisions makers have to keep in mind that their doings may have a later effect at home which are not so obvious at the moment.

This is of course the big talent you need to be a successful politician.

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Published inEuropean financial crisisEuropean Union

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