Luxembourgeoisie

The eurozone has no shortage of political and economic institutions. Benelux, the European Central Bank (ECB) and the European Union (EU) are just a few of the numerous organizations that are constantly tripping over one another. The Euro Group is yet another of these. An institution comprising many of the eurozone’s financial ministers, the Euro Group has been headed by Luxembourg Prime Minister and former financial minister Jean-Claude Juncker since 2005. Juncker recently announced that he would be retiring the post in June, citing time constraints as the cause of his decision.  

            The Euro Group is an ill-defined organization; it doesn’t even have an official name. Nor did it have any real legal basis until 2009, though it held its first (un?)official meeting in 1998. The ratification of the Lisbon Treaty, which institutionalized the organization and the Presidential head thereof, was brought about by the eurozone crisis of 2008. The crisis, acting as a catalyst, has forced a heavier amount of responsibility on the Euro Group.

            This added responsibility has apparently proved too great a burden to Luxembourg PM Juncker, who upon announcing his resignation said, “I hardly manage to do my duties in Luxembourg and at the same time tense work in the Euro Group.” This is not necessarily a unique position in Europe where heads of state are commonly involved in trans-European organizations designed to ease the strain of cohabitation. Luxembourg in particular is home to many branches of the EU and is often host to the Euro Group itself, so it stands to reason that a former Luxembourgish financial minister would be President elect of the group. Luxembourg is also an auspicious economic ‘David’ (as opposed to Goliath / to coin a phrase) boasting the highest GDP per capita in the world, and it now appears that they will be getting there Prime Minister back.

            While the Euro Group and other groups based out of Luxembourg may have impressive credentials, it remains a matter of controversy to Europeans as to who exactly should be ‘in charge’ of the euro. Some say that heads of state should take on the responsibility, while still others promote the ECB as the only financial institution credible enough to take on the job. Whatever the outcome, it is increasingly vital that the Europeans find a forum with which to lock their economies in step with their common currency.

            Now, imagine for a moment that every state in the USA was an independent sovereign power. A case for just this scenario was, in fact, made during the nation’s inception. Each state its own country with its own language or dialect locked into constant political battle with its forty-seven continental neighbors. This small hypothetical can be easily equated with the inner workings of the EU. The heterogeneous culture and unified statehood of America is perhaps its greatest blessing. Were it gone it could easily be replaced by feuding over cultural discrepancy, economic policy, and just plain old grudges… Oh right, I guess it’s like that anyway.

http://www.novinite.com/view_news.php?id=137233