Timothy Snyder
How Democracy Can Save Europe
The European crisis, which we process from headline to headline as a matter of currencies and bailouts, is really a test of large-scale democratic capitalism. The hope was that a debt crisis, when it came, would by necessity produce a unified fiscal policy. But fiscal policy is at the very core of a democratic system, and the EU is not yet democratic. Instead, the German government has indulged its population in the dangerous fantasy that European imitation of German austerity will solve the problem. As a result, domestic politics in Germany and on the European periphery threatens to undo the European system. To resolve the crisis, German leaders must persuade Germans and other Europeans to take the bold step of supporting a functioning European democracy. Here is how to do it.
February 7, 2012