Endangered Specie

   Unless member nations of the European Union agree to strengthen its banking system, the euro -- and perhaps the entire union -- may fall apart.
   An extinct euro, however, won't be the end of the world, but it will open the financial system to some chaos as the various nation-states resume issuing their own currency and re-establish a banking system to accommodate international trade.
   One purpose of the European Union in the first place was to take down barriers to interstate trade throughout Europe, but unlike America in 1789, Europe did not set up a strong enough central administration to resolve financial issues.
   There's an off chance that may change, however, as officials try again for a unified banking system. Whether that may happen is another story. As it is, troubled banks don't have a central source to go to to help them out, or to prevent them from getting into trouble in the first place.
   Given the adversarial history of various nations, it's no surprise that there's a lot of resentment and suspicion toward one nation getting too much influence of the system.
   In the U.S., of course, the Founders realized early on that the Articles of Confederation was too loose a system, and the thirteen original states were too competitive with each other. That's why the Constitution was put in place, giving a federal government a stronger role, even as there were restrictions on it. Even so, America had, and still has, a unity of culture and language -- with all its flaws -- lacking in Europe.
   Meanwhile, the infighting continues, albeit with some hopeful signals. This week, the New York Times reported that senior officials warned "it would be dangerous to delay moving ahead with a banking union." As it is, not all members follow the same protocol for dealing with failing banks, and there should be a standard procedure for dealing with troubled banks.

   Will it happen? Will there be a stronger central government and banking system? Or will old rivalries and suspicions block the dream of a unified Europe?