Will the Greek election of January 2015 change the direction of European politics? As I write in early May, we await the outcome of tough negotiations between Greece and its partners in the eurozone. Regardless of the outcome, the coming to power of this radical left party has raised questions not openly addressed by the European Union for decades.
What are the social consequences of austerity policies? Is sending officials to examine the public accounts of debtor countries the proper way to keep track of agreements between eurozone members? Does the European Union need, instead, growth policies fostered by its own institutions? Should the European Central Bank help solve the Greek debt crisis through its Quantitative Easing mechanism? Do we want to see the EU divided between debtor and creditor nations? Are the eurozone and European Union ready to face a “Grexit,” a full withdrawal of Greece from the eurozone and possibly the EU? What would this mean for the EU project as a whole? Does it even make sense to have a common currency uniting countries in such different economic situations?