JPMorgan Private Bank On The "Quixotic" End To Europe's Latest (Failed) Grand Experiment (ZeroHedge):
In the wake of the 1992 ERM collapse, why did Europe attempt another monetary union given large differences in language, labor mobility and productivity?
.. Europe seems to be on a Quixotic quest for mechanisms to support a peace that had already been obtained by 1954, or shortly thereafter. As a result, the European creation myth of the 1990’s (“Europe must accept supranational political and economic structures to prevent future conflict”) may be flawed.
Such a flaw, to the extent that Europeans no longer believe it, may explain a lot of things, from public referendums rejecting the EU constitution; to the lack of widespread support for regional transfers; and the reluctance of countries like Ireland to yield sovereignty over their fiscal affairs.
The author of the 1992 German Constitutional Court opinion on Maastricht described this issue in plain terms... A Europeanisation without a prior European consciousness and therefore without a European people with a concrete capability and readiness for common statehood would be, in terms of the history of thought, un-European.”