Who will save Europe this time?

Ian Bremmer, president of the Eurasia Group, argues this is the first time since the Second World War that no single country or bloc has the political and economic weight to push an international agenda. They’ve dubbed this the G-Zero era. One of the main consequences of a leaderless world, as Gordon and Bremmer warned in a recent editorial in the International Herald Tribune, will be “messier outcomes” when crises hit.

Nowhere is this more evident than in the eurozone’s inability to fix its finances. Italy’s bond prices have been soaring of late, making it increasingly likely the country will need outside funding to avoid default. The problem is, Italy might be too big for Europe to save. And with no one rushing to Europe’s aid, the situation may get very messy indeed.

Note EU-Digest: in looking at the Eurozone crises it is interesting to note that the report above does not cover some of the underlying reason for the present stress within the Atlantic alliance. 

One should not underestimate that the EU has become one of the most important, if not, the most important economic powerhouse in the world. 

Consequently, what is considered as a financial crises in the Eurozone is seen by some insiders as one of the many issues in a power struggle, based on the differences of economic and political philosophy between the existing Anglo-Saxon financial/political establishment nd the EU. These differences are now not only apparent in the Eurozone economic sector but also in the approach to Middle East political strategy. 

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