Is the European Union running out of Time on Debt Crisis?

Analysis: Is euro zone running out of time on debt crisis?

Click "Analysis" above to read full news article. Below is quote from above article.

After Greece's deficit and debt problems emerged in late 2009, there were five months of steadily rising Greek sovereign bond yields and efforts by EU officials to contain the threat before a 110 billion euro ($140 billion) bailout was arranged.
The lag was understandable because the EU had never had to deal with such a crisis since the euro's introduction in 1999. Once a rescue mechanism was agreed for Athens, it was only a matter of days before the funds were disbursed.
In the case of Ireland, it took weeks of market pressure driving bond yields higher -- with the spread over German bunds widening -- before Ireland requested help, an EU-IMF team was dispatched, and an 85 billion euro bailout was assembled.
But now financial market pressure is being brought to bear on Portugal, Spain, Belgium and Italy all at once.
In theory the EU has a mechanism in place to try to stave off the pressure, and can act within hours via conference calls to take decisions. However, there are doubts about whether it is nimble enough to outwit or get ahead of the markets, and whether there is enough money to douse the spreading flames.
"When it comes to EU politicians and the markets, there is definitely an asymmetry of arms," said Hugo Brady, a senior policy analyst at the Center for European Reform, a think-tank. end quote.

Though I live in the U.S. and not Europe so as a result I''m not as informed as I might like to be, this article makes a lot of sense. Because of the loose knit way the European Union was organized to not take away too much power from individual European nations, now all European Union nations are paying a dear price for this and might continue to. The only way I could see for them to avoid more crises would be to institute a system similar to the U.S. where there is a national government like the U.S. and individual states with states rights. However, I don't think there is the will or even the time to do this.

However, since world trading markets move at an online pace hopefully the European Union and the IMF can move quickly enough on this. Otherwise, I think we are witnessing the end of the Euro at the other end of this problem.

I was thinking the other day about how easy it would be for Germany, for example, to go back to a  Deutsche  Mark. I think the English pound and the Swiss Franc would become the European staple for awhile until Germany  reinstitutes the Deutsche Mark once again. However, there may be something that can be done to save both the Euro and the european union from destabilizing and possibly ending.


I think that the whole world has benefited from the existence of both the Euro and the European Union. In some ways it has been like there have been two United States like countries as a result. I don't think anyone really wants the Euro or the European Union to end so hopefully, someone or some group will figure out a way forward for both.