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Yet, the real reason is not in the risk of mismanaging the financial side of the moral hazard, but of the political one – spreading populism, tsunami style. Spain, Italy, France and Germany are the biggest members of the Eurozone, and also the largest countries in the EU. Increasing groups of citizens there, mostly young voters, are highly dissatisfied with reality, unhappy with their prospects of future, and unaffected by the institutionalised fear and threat of new fragmentation, a major conflict, and even a war, that was characteristic for the post WWII generations in Europe. In the wake of the apparent death of the European myth of “ever closer Europe”, that stitched together a diverse continent with loaded history of animosity for six decades after the Second World War, it is the rise of populism that poses the greatest threat to United Europe today.
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