For once, we’re watching Europe and shaking our heads instead of the other way around.
At first it looked as though the transition to the single currency euro would be smooth. Indeed, in many spots in Europe that seems to be the case. The new cash has been lauded a "tremendous success" by Wim Duisenberg, the president of the European Central Bank. What else would you expect him to say? But the best part is the proof he offers that the new currency won’t cause price increases in goods. Duisenberg told the media late last week he shelled out the same amount of dough with his new coins for a Big Mac and a strawberry milkshake as he did with his old money. A Big Mac? Is anybody else picking up on the irony here? What could be more American than a Big Mac?
So much for rumors of Europe wanting to unify so it can be a counterbalance to the U.S. The president of the ECB proves the new money is a success by buying a Big Mac and a milkshake. And we’re the goofy ones with no appreciation of culture and history? Here’s one giant point for critics who say European countries with the new currency are sacrificing a bit of their country’s identity.
Seriously, such criticisms might not be so far off mark. Duisenberg’s other comments suggest that. Touting the introduction of the new monetary notes as an historical moment, he said, "On 1 January at zero hour, the introduction of euro bank notes and coins marked not only the completion of economic and monetary union … but one of the major, if not the major, step forward in the history of European integration."
Such talk should send chills down our backs. It is proof that the new currency isn’t merely about making it easier for jet-setting Europeans to cross neighboring borders without having to exchange money all the time. This is about a superstate. One that has many flaws already, chiefly a strong bureaucracy but little popular involvement. As columnist George Will recently pointed out, the European Union may have a parliament, supreme court and a passport, but it lacks a common language, shared political culture and a James Madison and George Washington.
It will be interesting — hopefully not frightening — to watch Europe make this monumental adjustment over the years. Of course, to many Europeans it may not seem so monumental. But it is. Europe is in the midst of a huge change with the creation of the European Union and now the new currency. Yet it is often difficult to recognize such a transition when it happens in stages.
All we can do over here — all we have the right to do — is watch.
So, here’s wishing the Europeans a smooth transition to their new currency — as smooth as a McDonald’s milkshake, that is.
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