Which Was the Good Part?

Is the euro partly to blame for European NATO’s inability to modernize their armed forces? Dale Franks thinks so:

The introduction of the Euro currency area has complicated this fiscal picture. In order to remain in the Euro area, member governments must keep budget deficits below 3% of GDP, or face fines as high as 0.5% GDP. This requirement tightens the fiscal straightjacket of many European nations. Even Germany, widely regarded as the most fiscally conservative Euro-area nation, is currently running a deficit of 2.8% of GDP. This means that increasing military spending through borrowing is simply not an option for most of the Euro-area nations.


A welfare state no one wants to trim, and a currency no one is allowed to inflate. Not even Houdini could get out of that trap.

Well, Europe might be catty and amoral, but at least they’re useless.


Trending on PJ Media Videos

Join the conversation as a VIP Member