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Is the euro becoming a laughingstock?

As concerns continue to mount regarding the future of the European Union, and the euro, a number of experts are starting to consider how we arrived at this situation. Only a few weeks ago the European Union appeared to be going from strength to strength, taking in new powers and new controls from various member states. However, the Greek debacle would appear to have been the Achilles' heel of the European Union!

After initially appearing to respond favourably to the Greek debacle and contain the fears of the investment markets we then saw a series of promises which never materialised and markets became more and more concerned. After initially suggesting a bailout fund in the region of EUR45 billion the final bailout figure was well in excess of EUR100 billion and will take place over three years. This massive increase in the cost of the bailout fund for the Greek government was predominantly because of the lack of confidence within investment markets and the slow response time from the European Union.

So far the European Union has been found wanting in many different situations over the last few weeks although those who believe the union is dead will have to think again. The European Union may be wounded but this animal is certainly not extinct yet!

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