The euro must decide which one of the remaining two Moirai applies to its condition, with the Germans hoping that it is not Atropos, and the French telling the Germans how to avoid the destiny of the death of a dream while singing the requiem of Athena.
All cut from the same cloth, clotho, the economies of Ireland, France, Germany, and Spain are approaching stagnation, Spain hobbled by unseemly unemployment with more than 2 out of every 10 out of work. Italy is in a recession. And Greece is dead.
Euro appears to be barely lasting a decima, a tenth of a century which began at the turn of this century. Lachesis may have incorrectly measured euro’s thread of life. Or did it?
Maastricht Treaty has rules, akin to the measuring rod of Lachesis which allots the length of life. The problem is that she does not for the prima donnas of Europe. In the absence of self-regulation and consequences for deviating from the rules, the founders – Belgium, France, Germany, Italy, Luxembourg and the Netherlands – remain above the law.
The remaining eleven euro area members cannot be asked to subscribe to the rules unless the first six do, except when the six decide to use their power over others or agree to follow the rules under self-imposed inter-temporal conditionality adapted to the country circumstances of each of the euro members.
The siren Atropos is being heard from a distance singing the elegy of the euro.