can the eur survive

EUR LOSING ITS SHINE???

there is no escape from this financial crisis. now, even the european banks that are known to be prudent bankers are in trouble. over the last few days, we have witnessed several european countries going solo to save their banks instead of a united effort to approach the increasing danger of a melt down in their banking system. this inability to come together shows some fundamental flaws that i long believe on the european union. to put it simply:

1. the europeans, with a long long history, are too nationalistic with different cultures, languages and perceptions to come together as an entity to work for a common goal

2. the individual country's economy are too different to share a common economic policy and goal

3. how can the administrators work together when their national interests are so diverse

so while the union has worked well over the past years when the global economy and especially the european ones were growing strongly, going forward the challenges of such a union will increase enormously when economic growth is heading southwards. so monitor closely how the various european central bankers work together because it will indicate if the european union can actually work.

so personally in the mid term, eur is sure to lose some of its shine!