It is interesting the the European political union should be seen (rather shortsightedly) as an emulation of the US federal framework. Integration in the European political structure has been a trend for at least 500 years, through Westphalian and Concert of Nation systems. This begun long before America was even discovered by the Europeans who then founded the US.



Laying the ground for peaceful coexistence was indeed the inspiration behind the European defence et energy communities that led to the Treaty of Rome, and the EU has been quite successful at that since its beginnings, securing the first lengthy period of peace in its long history. Integration has steadily increased as well as the development of its institutions and democratic representation over 55 years. The Euro that was predicted to fail within a year has proven to be a strong currency now key to world financial balance. More stable than the dollar and pound, more tradable than the yen or yuan, it fills a crucial vacuum in the global financial system.



But really the unacceptable omission in Mr Feldstein's article is to not even mention the Wall Street 2008 financial crisis and its influence on the European economy.



The Euro's situation is certainly not helped by the weakness of some EU peripheral economies, nor by lack of coordination in its members' economic and monetary policies. But these only aggravating factors in a global financial context still suffering from inconsistent and unsustainable deregulation of security trading in the US.



Perhaps the reason for Mr Feldstein's memory lapse is to be found in the substantial personal profits he has made from such deregulation, while advising US governments to go ahead with it. Are they not the same policies that have led to systemic failures he is now trying to blame others for?

