While EU commission president José Manuel Barroso is bragging ( and lying) about the end of the euro crisis, he - and all the other European leaders - do not have anything to say about this:
The eurozone unemployment rate hit a new record high of 11.8% (November 2012) with 18.820 million people out of work
Youth unemployment rate in the eurozone is now 24.4%.
The youth unemployment "leaderboard":
SHAME ON YOU, BARROSO AND THE REST, FOR FAILING THE YOUNG PEOPLE OF EUROPE!
Mr Barroso may be right that the euro will not implode in 2013. But what matters henceforth is whether the victim nations wish to stay in a project that is causing so much damage, or indeed whether is any moral purpose in holding the euro together at this stage.
The march towards fiscal union (overtly, or by ECB stealth) strips elected parliaments of the final control over tax and spending. It thus eviscerates democracy. The Project breaks the back of historic nation states that are the only real defence of liberal representative government.
So one has to ask, what is the euro for? Why is it self-evidently a positive public good for the peoples of Europe?
Why sacrifice the lifeblood of parliaments for an economic experiment that is not even offering a `Chinese' trade-off of prosperity in exchange for abridged liberties. Why sacrifice democracy for a Barroso Model that has generated a youth jobless rate of 56.5pc in Spain?
These are the questions that Mr Barroso and his successor will have to answer over the next three years as the Club Med slump grinds on. We are no longer in the frothy – dare I say trivial – phase of financial crisis. We are by now in the deadly serious phase of economic and political crisis.