Europe's crisis of Democracy

The REAL Eurozone Crisis Is About Much More Than Debt

Business Insider,

22 October, 2012

Europe is in crisis, and it's not just about occasional flare-ups in peripheral sovereign debt markets anymore.

In fact, it's really never been about that.

The European continent has for decades since the end of the Second World War struggled to create a transnational identity, the fulfillment of a dream to end military conflict between continental superpowers like France and Germany that has plagued it for centuries.

However, that identity – and the institutions like the EU and the ECB that embody it – has come at a great price. Voters in euro area member states have found that they are able to exercise less and less control over their own governance at the ballot box. In short, democracy is in crisis.

Now, Europe is at a historic crossroads, brought about by the disastrous implementation of the euro – it must either cede even more power to the supranational level, where voters aren't represented by elected officials, or face the fallout in financial markets.

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