Der Spiegel: As Financial Crisis Grows, EU Emerges Stronger

Back in June, the people of Ireland stunned the world by voting down the Treaty of Lisbon, bringing the project of ever-closer European integration to a screeching halt. The failure of the Irish vote — the only popular referendum on the treaty anywhere in Europe — seemed to ratify the verdict delivered by French and Dutch voters in 2005 as they torpedoed the European Constitution: no more power for Brussels….

These days, though, such bickering seems like ancient history. Between summer’s turbulence and today’s reality, the New York investment bank Lehman Brothers failed in mid-September, sending the world into a financial tailspin from which it might take years to recover. But instead of sounding the death knell for what was an already flailing EU, the financial crisis has had the effect of breathing new life into a bloc that just a couple months ago looked deflated and defeated.

Now, from Iceland to the Czech Republic, previously wary populations are warming to the EU, heaping praise on the very Brussels-based behemoth they had spent so many years deriding.

Read it all.

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Posted in * Economics, Politics, * International News & Commentary, Economy, Europe, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

One comment on “Der Spiegel: As Financial Crisis Grows, EU Emerges Stronger

  1. Hoskyns says:

    You wish! This is classic Der Spiegel. Denmark was hardly anti-European to begin with, and Iceland’s ultra-Greenspanite fiscal Russian roulette has left it with no options other than the begging bowl (remember it’s not part of the EU). Ireland’s situation is more complex than Der Spiegel paints it. The UK, Spain and Hungary, the worst-affected EU countries in the current maelstrom, are interestingly absent from this report – thereby hangs a tale.