
EU Economy Returns to Pre-Pandemic Levels
Despite the strong growth rates in the 4th quarter, the European economy has only barely recovered from the pandemic.
Despite the strong growth rates in the 4th quarter, the European economy has only barely recovered from the pandemic.
The euro itself is only part of the failure. An entire structure of government institutions, laws, and even constitutional provisions were erected around it in order to secure its success. It all looked impressive two decades ago; today, the structure itself, from the European Central Bank (ECB), to the so-called Stability and Growth Pact, is a package of sordid evidence that even under democratic governments, central economic planning is a bad idea.
The common currency was a gigantic economic experiment, an application of political preferences rather than the product of sound scholarly research. As is always the case with grand government plans, for every problem they solve a new one is created.