It Only Took 50 Years

Maybe. While it took us ignorant colonials only a decade, or so, to figure it out.

The eurozone has always had a fundamental weakness compared with the US when dealing with financial and economic crises: while its 19 countries share a currency and interest-rate policy, they have no common tax-raising or spending power.
In 2020, the European Union took a big step toward correcting that deficiency by starting to issue bonds on behalf of all member countries, known as common bonds. Beginning in 2021, some common bonds will be repaid through taxes raised by the EU itself.

That’s a one-off, but maybe it’s a first step and not a last one.

The lack of central taxing and spending power—and authority—was a Critical Item in the failure of the diplomatic concord that was our 13 States operating under their Articles of Confederation, and it took our Constitution to rectify the failure.

Of course, the EU still lacks the homogeneity of understanding of the role of government and of the purpose of money so necessary to the success of a polity that our original States, even under the Articles, had.

But, hey, baby steps. Maybe in another 50 years….

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