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News Link • European Union

Stalemate in Siena

•, By William Pfaff
 The European Union is at risk of being destroyed by the euro. The credit crisis founded upon the swindle by Wall Street that was retailed to Europe’s banks has created divisions in Europe which are undermining what was supposed to be mutual confidence and solidarity among the 17 members of the euro zone.

“Making Europe Work” is an urgent need in the present crisis and was the subject last weekend of the fifth conference on EU reform held in Siena, Italy, under the joint sponsorship of Armand Clesse of the Luxembourg Institute for European and International Studies and Nobel laureate Robert Mundell. It was not a cheerful affair, ending after two days’ discussion in an even divide between those who think the EU will survive the euro crisis and those who think it will not.

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