Varoufakis: Yes, but it doesn't have to be an inevitability. The United States has always responded to crises by establishing stabilizing institutions, like the Federal Reserve Bank. It was always an attempt to balance conflicting class interests. But from its very beginnings as the European Coal and Steel Community, the EU was designed as a politics-free zone. That's why we now need a major infusion of democracy: The Euro Group needs to be scrapped and replaced by the equivalent of a federal governing body.
Read Full Article »
