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Victoria Mindova

"What is the future of the euro area?" has become one of the most popular questions lately, and the last summit of European Union leaders has shown that the answer is still very unclear. The lords of the euro Merkozi decided that they would tighten the belt of the European Union to launch new financial regulations, to consolidate labour markets more, to converge and harmonize the tax base for corporate taxes in the European Union and introduce a tax on financial transactions. The British Prime Minister David Cameron did not like the latter and said he would not hesitate to use his right to put a veto on the change in the contracts under which the European Union acts in order to protect the financial system of the country from overloading with new regulations.

GRReporter's poll on the future of the euro area has demonstrated very clearly that our readers agree on one basic question: "Greece has never met the requirements for a Member State and will exit the euro zone within a few months." This answer is the preference of 31% of the readers both in the Bulgarian and English and in the Greek version of the website. They are convinced that whatever the future of the European single currency, Greece had to remain outside it in order not to ease off in its financial policy and not to end up in today's economic situation.

Second is the darkest scenario possible that reflects the mood of the familiar Euro-sceptics: "The euro has no future and will disintegrate in the coming years." This is the view of 23% of the Bulgarian readers, 26% of the English-speaking visitors to the website and 29% of the respondents in its Greek version. Over time, it has become clear that although the Greeks are the main culprits for their own misery, they cannot be accused of the pan-European crisis that is threatening to sweep the world economy. The lack of determination to implement concrete measures to address pressing financial problems demonstrated by the "commanders" of the pan-European dream has upset the whole world. The general talks and half-promises of French President Nicolas Sarkozy and German Chancellor Angela Merkel have convinced neither the financial markets, nor the European nations that they know what they are doing and now, all are on edge to see what the last summit will give rise to. Unfortunately, no one in this group of respondents is optimistic.

Third come the people for whom it is difficult to believe that ten years of the euro area would be wasted: "The euro area is currently undergoing its most difficult period, but it will stabilize." This is the cheerful attitude of 28% of Bulgarian respondents, 22% of the voters in our English website and 23% of our Greek audience. The political indecision and financial uncertainty that it brings make today's debt crisis in the European Union the most difficult moment that the area has been undergoing. If until yesterday the only troubling question for analysts was "Could Europe do without Greece?", today it is "Could Europe do without the Euro?". The answer to this dilemma, which ranks third on our poll, is "No, the Euro will manage with no serious sacrifices." If this is going to be the case, it will be shown in the near future.

Our readers have ranked next to the last the super optimistic option, according to which "the European Central Bank will start printing money and the euro area will even expand." Only 9% of the Bulgarians, 11% of the readers of the English version of GRReporter and 15% of the voters in the Greek version look at the future of the Euro through pink glasses. From the outset, this response has set a trap in itself, because even if Germany would allow the European Central Bank to start printing money (which is unlikely), it would only compensate for a small part of the damage inflicted on the European financial system. Investors will be able to take a deep breath that their invested funds will be returned, but the belt tightening in the European economies will continue. The plans to consolidate the economic policies of the countries in the European Union will not be delayed and if the euro area does decide to accept new members, it would be at a much later stage, when no one would know what the benefits from this transaction would be.

According to GRReporter readers, it is least likely that "Germany, France, Austria and the Benelux countries will remain in the euro area" or the core of the Euro, which would get rid of the burden of the European periphery, but would also lose their markets. This is the opinion of 8% of the voters in the Bulgarian version of the site, 9% of the respondents in the English version and only 2% of our Greek readers. Such a reversal of the European idea could be perceived as its absolute failure on the one hand, because the merger between the strengths of the old continent is not difficult. The challenge is to save the Union in the form it was planned from the outset - a union of European states comprising a single economic power to be established on the world market with a stable currency and high-quality competitive products.

We thank all our readers for their active participation in our polls. "What is your wish to Greece for the new 2012?" is our new question for you.