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The Euro is on the brink of collapse and with it, perhaps, the European Union as we know it. We have been running a long standing debate on the future of Europe. There is also the specific issue of the crisis of the Euro. In a challenging speech linking ideas, policy and democracy, George Soros set out three areas of failure. There has been a fundamental failure of understanding: the foundations of orthodox economic theory have proved critically flawed. Second, and related to this, economic policies themselves have been misguided and are feeding a negative feedback loop, squeezing the life from Europe’s economies. Finally, there has also been a political ‘bubble’, an over-ambitious European project threatens democracy across the continent by imposing from above a federal currency on disparate nation states. Whatever your views on his arguments, Soros challenges us to look at the relationships between the governing ideologies, economic policies and political strategies of the European powers and the international institutions — such as the IMF — that reinforce them. It is a sweeping challenge and openDemocracy is opening it out to wider argument.
This debate consisted of 15 articles running from 17th June - 18th August 2012, edited by Oliver Huitson.