As Brussels and the EU elite go into a sort of PR overdrive, trying to do a damage limitation exercise concerning the euro crisis, the rest of Europe feel a distinct change in the air. The more everyone listens to Barroso and Van Rompuy telling us all everything is fine and rosy within the eurozone, the more we all realize things are getting much worst?
The ECB and the IMF are doing there best to plaster over the cracks in the euro, but there is only so much they can do. In the good years these economic problems were easily concealed and swept under the eurozone carpet so to speak. In essence no country will engage in economic reforms in the good years as the political mentality is why rock the boat, as the voters are happy and the politicians enjoy getting re-election. Southern Europe loves to portray the IMF as the bad bogeyman, but in truth the IMF is the tough medicine they refused to take in the good years so now have to take it in the bad years?
Many southern EU countries jumped on the euro train looking for a free ride? Some how Italy, Greece, Spain, and Portugal thought strength in numbers within the eurozone, and there economies would be protected and safe from many past economic problems. But it was all an illusion, and in many ways Brussels fed this illusion in there rush to the promised euro dream? The ECB rules were ignored, and economies like Greece, Italy, and Portugal were not pressured enough to reform there protected and state control economies. Now in the lean times all these nasty problems have surfaced and seen in the full glare of daylight. Now there is no where to run, and no where to hide. The past as caught up with the dysfunctional economic blue print of the ECB and the eurozone.
Fiscally more responsible northern eurozone economies are quickly loosing there patience and good will to there southern EU neighbours. Pouring money down a bottemless pit as reforms drag on far to slow. Meditereanean countries have made excuses and political manoeuvring an art form in the past and largely got away with it, though northern Europe is beginning to wake up to these shenanigans and excuse games, and not falling for it anymore.
If southern Meditereanean economies do not embrace whole sale reforms of the state controlled economies and slimming down of there bloated public sectors I feel maybe many northern eurozone countries could loose all patience, and there could possibly be a massive economic split in Europe, with north and southern Europe parting economic company. A sort of harder northern euro currency, and a softer southern euro currency. This economic scenario could actually happen. The eurozone foundations were built on loose sand from the very beginning, and now those very sands are beginning to shift. and shift fast?