Dos opiniones sobre el euro . El Titanic no se hunde (pero no flota del todo)

Jeremy Warner en el Telegraph:

Anyone who thinks the eurozone debt crisis is over is sadly deluded. As with the world economy as a whole, some kind of new but impaired equilibrium seems to have established itself, but it is of an inherently unstable variety. No monetary union of sovereign states can survive a decade or more of economic stagnation and record high unemployment. As it is, the IMF estimates that approximately a fifth of the corporate loan book of Italy, Portugal and Spain is rotten. There is a lot more pain to come in Europe.

A second, related headwind is the banking system. Scarred by the debt crisis, banks won’t lend on the scale necessary to spark a genuine renaissance in enterprise and job creation. Finally, there are high energy prices. Shale offers only temporary respite from these. The cheap energy that once fuelled high growth is a thing of the past.

Walter Russell Mead en Vía Meadia: (leer entero):

Meanwhile, the good ship Euro sails tragically on. We aren’t looking at anything as spectacular as a shipwreck: Europe is becalmed in the horse latitudes rather than striking an iceberg. It is seething rather than sinking, but while that means there is no immediate danger of a financial crash (barring external shocks), it also means that there aren’t many chances for a quick improvement in its economic condition.
This isn’t good news. The longer the euro crisis blights the lives of the rising generation of Europeans, the more we must worry about the political health of countries like Hungary, Greece, the Balkan states and even France. And as the political culture inside different European countries continues to erode, the difficulties in the path of European integration will be harder to overcome.