Europe is Failing due to the Lack of a Dominant Country to Lead the Way

Europe is Failing due to the Lack of a Dominant Country to Lead the Way

by admin@oilprice.com (Editorial Dept)

We face the danger that the euro, the world’s No. 2 reserve currency, could implode.  Such an event wouldn’t be just another depreciation or collapse of a currency peg; instead, it would mean that one of the world’s major economic units doesn’t work as currently constituted.We are realizing just how much international economic order depends on the role of a dominant country — sometimes known as a hegemon — that sets clear rules and accepts some responsibility for the consequences.  For historical reasons,…Read more...