With the monetary union coming apart, the finger-pointing has begun. Who
You remember Agatha Christie’s classic whodunit? The problem for the great Belgian sleuth Hercule Poirot was that there were far too many suspects. The strange death of the European Union may prove to be a rather similar case.
The crisis has driven not just one but two divisive wedges into the European economy. First there is the fundamental political rift between the 17 EU members who joined the monetary union and the 10 who didn’t. Then, within the euro zone, there is the widening economic rift between the German-dominated core and the ailing periphery—the countries cursed with the unflattering acronym PIGS (
, Portugal , Ireland , and Greece ). Spain