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Published in: Analysis www.FXstreet.com
The European Financial Crisis & the
Federalization of Europe
Thu, Oct 17 2013, 16:04 EET
by Nikos Akkizidis | Independent Analyst
There is no doubt that we are experiencing Europe's most defining moments, at least in recent
history. Just a little more than 20 years ago, members of the European Community bravely set a
new path for their common future; to create a homogenous and rich, euro-family with a single
currency. However, some of the euro-members didn’t follow a very remarkable statement
that Socrates made 2.500 years ago; "If a rich man is proud of his wealth, he should not be
praised until it is known how he employs it.'' Greeks were the first who forgot the dictum of
their own philosopher. As a result, the country is on the brink of bankruptcy. This fact however
was destined to become the spark that obliged Europeans to contemplate the true union of Europe.
But the question is; are Europeans ready to create a federal union culture, when each country has its
own history? The creation of the US as federal state was easier because the states that composed it
had a common history. Europe on the other hand is comprised of a collage of countries with different
languages, cultures and backgrounds.
Nevertheless, the concern that the consolidation will change the diversity of each nation is rather
excessive. It is true that the idiosyncrasies of the Northern countries, as opposed to the South are
often contrasting. This, as has been proved by the history of nations, is not necessarily bad. Each of
these nations has something different to contribute to the European family. Now is probably the time
that the Europeans should reaffirm the contribution of each nation and for the first time in their
history together to imagine, their common future and most important, to turn this to reality. It is the
imagination that leads to the creation of the first Euro-cities in the European Union – an experiment
of European Federalism; Imagine if we created small cities, whose territory would be exchanged,
with 17 equal areas in the 17 member countries of the Eurozone. Thus these new Euro-cities would
be divided into 17 equal parts each of which will belong to a Eurozone member. Each member could
in his own region, build homes, schools, restaurants, hotels, theaters, shopping centers etc. perhaps
even based on its unique architectural style. Euro-citizens from each region would only sell products
from their country. Also, in any region there would be chambers of commerce and institutions that
provide information for those members can make trade agreements. Most importantly; each euro-
city will have as its primary task to create those conditions in order to developand disseminate
the competitive advantages, the country’s area in which the euro-city lies;
For example, in Greece the geographical position of the country makes it ideal for international
transit trade, both through waterways and air through. Greece is the first maritime gateway to
Europe for goods coming from Asia, Africa and Oceania. The port of Piraeus could accommodate
even larger docks and has already provided a large area around it for storage and transport. It is
worth mentioning that in the Greek fleet management, still ranks first in world ranking, both

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in number of ships (20% of the world fleet), and in capacity. Imagine creating a Euro-city close
to Piraeus that should make everything that was necessary in order the port of Piraeus to be one of
the biggest maritime gateways to Europe.
The Greek territory is relatively small but the country's landscape is diverse, thus creating varying
microclimatic conditions. The extent of contamination of the soil and environment in general is
limited, due to the comparatively low industrialization of the country. It is therefore ideal for
producing more verity of quality agricultural and livestock products, with certified
designation, and high added value that euro-cities could support. Greece has made major
investments in renewable energy but there is scope for further dynamic expansion. Investing in
research and development on renewable energy is profitable because the country has a very high
percentage of sunshine and mountainous landscapes; moreover the Aegean Sea is an ideal place to
invest in wind and wave energy.
Due to its rich cultural heritage, Greece is one of the countries of the world, which millions of people
would like to visit sometime in their lives. The country is ideal for relaxation, entertainment, outdoor
activities, conferences, visits to archaeological sites, monasteries, for wine and food tasting, and
medical services (thalassotherapy centers, spas, geriatrics.) However, the most important reason that
people around the world would like to visit Greece lies in the fact that students from all around the
world are all taught in school about Greece. Therefore Greece is a place where "people of the world
will gather to discuss, enjoy, study and learn how to live by the humanitarian values of Greek
culture." It is in this area where significant contributions as well many disciplines have been made.
What better place for euro-citizens, to study Archaeology, History, Mathematics, Philosophy?
Consider what can be gained by this! The citizens of each multi-cultural euro-city could share their
thoughts, ideas, and dreams in the euro-city as well as in the country’s area that they will live. They
would work together. Eventually they would support each other because they would already
have learnt to live together. Is it possible for Europe to proceed with investments of this nature?
Could this continent dream theses dreams? The answer is definitely yes as long as they stop playing
the blame game. The classical Greek Athenian philosopher Socrates asserted; "False words are not
only evil in themselves, but they inflict the soul with evil."
Greece has experienced, during the last four years the biggest economic and social crisis in
modern history. The income of the population has fallen dramatically. Perhaps more wrenching
than the financial difficulties is the fact that over the course of these four years thousands of articles
have been written, and thousands of statements have been made, in which strong criticism has been
aimed at the Greek nation. Despite the fact that often this criticism is based on truth, it has moved
beyond the boundaries of well-meant critique. Every nation, without any exception, in Europe’s
long history has made significant contributions to the continent’s progress. This implies that
the parts of the whole look towards the future on an equal footing.
Europeans at this juncture realize that there are numerous fundamental values other than economic
viability. Despite the strict austerity measures adopted by many European countries on the one hand,
and the need for the rest of the euro-family to foot the bill for financing countries with financial
difficulties, support for European integration remains firm. Greece for example has embarked on a

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strict austerity program which has deeply affected the income of its citizens. When faced with the
possibility of leaving the European Union a significant majority rejects this prospect vehemently.
This is justified by the fact that there is a clear understanding for the need to make the necessary
adjustments, for the reorganization of the Greek economy. These adjustments require time. Most of
the Greeks recognize this. They silently acknowledge their mistakes are learning from them and
they work hard to change the situation. In the Athens Academy, Plato - who helped to lay the
foundations of Western philosophy and science- said; “Be kind, for everyone you meet is fighting a
hard battle.”
This much is certain: the historical, economic and cultural position of Greece is in the heart
of Europe. Brand Strategist, Peter Economides recently stated, “..the period of crisis as great as it
may seem, is too small, to be compared with the long and glorious history of Greece. It is truth that
Greece is close to bankruptcy but we have to clarify that Greece is not a bankrupt nation. It has the
power to imagine. Greeks imagined democracy, philosophy, logic, medicine, mathematics, the
Parthenon, the Olympic Games…” Most important, this nation has always the power to fight. In the
Second World War (WWII), the Greeks managed to stop for a very critical period of the war, the
advent of the Axis countries. This success caused the admiration of the whole world. Franklin
Roosevelt, President of the United States of America made that time the following statement; "On
the 28th of October 1940 Greece was given a deadline of three hours to decide on war or peace but
even if a three day or three week or three year were given, the response would have been the same.
The Greeks taught dignity throughout the centuries. When the entire world had lost all hope, the
Greek people dared to question the invincibility of the NAZI monster raising against it the proud
spirit of freedom." In addition, the USSR General Secretary Joseph Stalin declared; "I am sorry
because I am getting old and I shall not live long to thank the Greek People, whose resistance
decided WWII. Furthermore," Winston Churchill the Prime Minister of the UK remarked; "The
word heroism I am afraid does not render the least of those acts of self-sacrifice of the Greeks,
which were the defining factor in the victorious outcome of the common struggle of the nations,
during WWII, for the human freedom and dignity. If it were not for the bravery of the Greeks and
their courage, the outcome of WWII would be undetermined. - Until now we used to say that the
Greeks fight like heroes. From now on we shall say: The heroes fight like Greeks." Finally, Adolf
Hitler before the end of the war against Greece, but at the completion of the occupation of the
mainland admit; “For the sake of historical truth I must verify that only the Greeks, of all the
adversaries who confronted us, fought with bold courage and highest disregard of death.”
Maybe we ought to all think just for a moment, how different would the world be today if over
the centuries this nation was missing from the planet we inhabit. Probably this is the reason that
Valery Giscard d’Estaing in 2011 declared that “Europe without Greece is like a child without a
birth certificate”. Europe should not disavow this nation. By maintaining solidarity and unity within
its ranks it solidifies the framework on which a truly united Europe can prosper.