Europe is rather Continent than a State (or this is how the Europeans perceive themselves) that happened to be created some 1000 years ago out of the ashes of Roman Empire and barbarian invasions. Its history is full of bloodshed sometime for understandable reasons but mostly out of very peculiar reasons. Some like to call the bloodshed civil wars, some revolutions and other national wars, but all of them were the result of political system that put the wrong guys in the head of the decision hierarchy. They were called kings, dictators, chancellors, presidents, chairman, you name it, but all of them had one thing in common, they felt they are destined and have the right to murder the OTHERS as much as they like. (As contrary to them the founder father of US were the right man in the right position and look what a wonder they created, that makes US relatively a well-managed country in spite of all the following inappropriate leaders that followed them). The peak of this bloody tradition was World War II that ended in some kind of draw between the “Liberal democratic” politician and despotic rulers, who continued the usual state of European history for another 50 years until the despotism collapsed under the burden of their own economic mismanagement.
After WWII the “liberal democratic” politicians, who happened to run the western part of Europe (probably because it is closer to US and not for any other reason), felt threatened buy the despotic part of Europe and concluded that something has to be done, but couldn’t figure out what. Luckily from somewhere appeared a man called Jean Monnet, have you ever heard his name? If not it is not surprising, not like De Gaul or Adenauer, he was just an unimportant figure who happened to establish the European Union. To make it short he successfully persuaded the mentioned above to create an economic union. Nothing was said about national sovereignty, it was all about customs duties and creation of a common market for goods and services.
Luckily, the European politicians were still in state of shock after what happened in WWII and even more, they felt threatened by the despotic Soviets, who did not stop to try to penetrate Western Europe through their agents the members of the communistic parties, so the European Union became a great success.
The result was than all the free countries of Europe joined the club. The members of the other club, the “Comecon”, could only watch with envy (if they were let to watch) what’s going on in the EU. So when the Soviet Union and with it the Comecon finally collapsed, all the East European countries rushed to join the club.
After the great success the European leaders were persuaded to do the next obvious step to create a common currency. Just don’t think it was a easy task to persuade them. Not at all, many compromises had to be made on the way, so the different states could keep the symbols and tools of sovereignty while joining a process that ended with the Euro. And still not all the Europeans joined the club. Guess who joined and who not? Of course understanding their responsibilities, France, Germany, Italy, and their close dependent neighbors. They were joined by all the economically weak countries like Spain, Portugal, Greece and some others. Forget the solidarity, none of the rich Scandinavians and not the British joined. Why to join a club, which demands more than it can contribute. Contrary to them, the Germans, still under the spell of their historical crimes, following the recent unification, were ready to pay the price, and so the Euro came to birth.
As it happened the southern countries politician immediately realized that being in the Euro club gives them unlimited possibilities to take loans. They immediately jumped on the novelty, and did what these failure politicians know the best and used the loans to maintain their corrupt political system and with the left over they corrupted their electorates.
At 2009 all this came to the end, when the commercial banks source of virtual money dried up. The crisis that followed, be it as severe as it may be, is a correcting process. No more transfer of finances to the waste. No more solidarity from the strong and capable, to those who don’t act out of responsibility.
But the most interesting political result of the „sovereign debt” crisis has become the fact that many political obstruction for real unification from the past were removed. Who remembers anymore the proud Irish people, enriched by bank speculations, rejecting the Lisbon Treaty at 2008, to ratify it a year later, after they lost their national dignity with the collapse of their casino economy.