Opinion (Amartya Sen, the Indian Nobel Laureate professor of Economics, Professor of Economics and Philosophy, at Harvard University): “Several features of policy making are worrying, particularly in Europe. The first is a democratic failure. An economic policy has to be ultimately something that people understand, appreciate and support. That’s what democracy is all about. The old idea of “no taxation without representation” is not there in Europe at the moment. …
“If you are living in a southern country, in Greece, and Portugal and Spain, the electorates’ views are much less important than the views of the bankers, the rating agencies and the financial institutions. One result of European monetary integration, without a political integration, is that the population of many of these countries has no voice. Economics is de-linked from the political base. That I think is a mistake and it goes completely against the big European movement that began in the 40s and fostered the idea of a democratic, united Europe.”
My Comment: It depends upon how you define democracy. If we consider the quality of equality, Europe has been always ahead of the rest in terms of arrogance and humiliation of others. The mutual hatred of the EU countries and peoples is known in the world as a bad example. And within countries with respect to the influence of people on politics or economy, then the masters have always played tricks on their people, and people followed them. Today, the crisis is not about democracy but the opportunity to no longer “play” at it—everything is exposed.