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.