Dawn of the Euro

Chris Burford cburford at gn.apc.org
Tue Jan 1 14:26:31 PST 2002


At 31/12/01 21:47 -0800, Chuck wrote:


>Dennis, you keep announcing this mysterious and dark struggle, going
>on for months now, ...titanic forces stirring in the subterranean ocean
>beds... And I have seen nary a ripple.

I agree with Dennis that this is a world historical moment, even though there are qualifications.

It is as impressive as the road network of the Roman Empire in an age of different technology, a masterpiece of human cooperation whatever class masters have guided it.

Here is what I posted to PEN-L


>Although the euro has been in existence for three years, as a fixed parity
>between the participating states, the formal launch of the currency
>tomorrow is nevertheless a new triumph. It is striking that despite the
>misgivings in many of the 12 states, there is no coherent opposition to
>its introduction and some willingness to participate in the orchestrated
>celebrations.
>
>As Lenin noted, "From their daily experience, the masses know perfectly
>well the value of geographical and economic ties and the advantage of a
>big market and a big state."
>
>It is true that there are many limitations: including no central
>coordination of economic policy, and inadequate facilites for transfering
>capital to less productive regions. It is true that economic processes
>alone will not make the euro challenge the hegemony of the dollar without
>political processes too. Nevertheless the convergence of 12 currencies of
>300 people is a triumph of human coordination as well as a victory for the
>large capitalist of europe. It also marks the convergence of numerous
>strands of european history and culture, some terrible, others heroic and
>life-enhancing.
>
>By this test case we can see the possibilities of a world economic system
>potentially vulnerable to democratic political control.
>
>That of course requires political struggle. But the technology and the
>methodology are there.

Chris Burford

London



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