Nations go through economic cycles. The US economy re railing itself after six years of struggle is forecast to grow 3% in 2014,and Japan after two full decades ,at 1.8%. China will touch around 7% in 2014–15, Brazil, Russia and India, are are in contention with structural reforms to regain the lost growth trajectory .All these nations are in command over their own monetary / fiscal policies and over time will help predicate global growth , But not so the eurozone, that contributes as high as 25 % to world trade.Shackled at birth, the EU has a single monetary policy and 11 different fiscal policies.That was the genesis of the great euro debt that at $14 trlln equals the US .Germany may reach respectable growth this year, Italy, France and Spain.will remain very weak at around 0.5%.
When the EU currency was created in 1998 it was suspected that this could prove a recipe for individual profligacy of euro countries that are able to borrow at lower rates than their ability to repay. There is little doubt that the euro economic tale would continue to twist . Germany's reluctance to act as the family head and lift up other members, is already dragging down its own economy.Even Britain , in spite of being a non-EU economy, is suffering no less due to its age old geographic ties with the group.The only hope for the EU nations lies in either a dramatic economic recovery of all others in quick time to enable dissolve / ameliorate their huge debt burden by sheer sentiment or the Euro boat capsizes leaving some to sink and others to swim to shore.The global collective can no longer afford to merely watch as the EU totters from one crisis to another and in the end, its fatal wake pulls down many more
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