Euro Crisis Unleashes Old Stereotypes

Posted by: Andy Reinhardt on November 4, 2011

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As an American somewhat steeped in political correctness, I was shocked when I moved to France in 2001 by how commonly and unashamedly many Europeans invoked shopworn stereotypes of each other. In the era of the expanding European Union and the introduction of the euro, it struck me as incongruous (if not offensive) to hear a luncheon speaker crack jokes about Spaniards taking siestas or to listen as French acquaintances belittled the Swiss and Belgians.

The most central and pervasive European prejudice concerns the north-south divide: that Northern Europeans are serious, industrious, and efficient, while Southern Europeans are passionate, chaotic, and indolent. As with all stereotypes, there are (perhaps uncomfortable) grains of truth in these characterizations. But their perpetuation ignores ample evidence to the contrary found in every European nation, north and south.

One of the most disturbing aspects of the euro crisis is that it has reawakened—and perhaps even exacerbated—this divide. The crisis is centered mainly in Southern Europe, of course, having begun in Greece, spread to Portugal, and now threatening even Italy and Spain. (Ireland is the sole northern country to have sought a bailout.) And the burden of bailing out the “profligate” south will be borne mainly by Germany and other northern countries, so it’s no wonder old attitudes kick in.

Politicians aren’t making matters any better. This week’s Bloomberg Businessweek includes a graphic summarizing some of the insults they’ve hurled each others’ way during the crisis. While most of the quotes aren’t nationalistic in tone, the press has more than filled the gap with its own brand of name-calling, aiming particular scorn at the Greeks.

The invocation of the north-south divide isn’t confined to private asides. In a speech in Dublin on Oct. 27, Irish finance minister Michael Noonan tried to distance his country from Greece. “We have succeeded in the last couple of months in breaking the perception that somehow or another we were some kind of displaced Mediterranean country in the North Atlantic,” he said. “We are not. We are a North European economy.”

The stereotyping also isn’t limited to Europeans. American bloggers have had a field day criticizing coddled Europeans. (The brush strokes tend to be fairly broad.) Pravda’s Web site carries an article that playfully refers to Greece as “the kingdom of lazy people.” And Taiwan’s Next Media Animation put its own distinctive spin on the euro zone crisis with a new video about the proposed (and now abandoned) Greek referendum on the country’s latest bailout plan. It’s loaded with stereotypes—but demands leeway because it’s satire.

The damage to attitudes and perceptions in Europe may take as long to fix as the continent’s financial situation.

Reader Comments

John

November 5, 2011 12:59 PM


The only way to solve this mess is for a 17 Euro area bond exchange. These bonds would be issues by the ECB and exchanged for a portion of every countries' outstanding bonds. The portion exchanged would be limited to a fixed percentage of the GDP for all countries so that all countries end up with a disciplined ratio of Euro Area guaranteed bonds. This would enjoy a low interest rate. The rest of a countries' bonds in excess of this ratio would only have the individual country's guarantee, and yes they may be defaulted by some countries even if they remain in the Euro zone. This will force the counties in the Euro Zone to align their fiscal policies. I have called these bonds Euro GDP Discipline Bonds.

Mario

November 19, 2011 12:35 PM

I was also surprised at how unabashedly the European on the street expresses racist and homophobic comments. And even express these hostilities with violent actions against minorities, all in broad daylight. Riding Madrid's subway was an eye opener of blatant racism and xenophobia, especially against Indian and Middle Easterners. I witnessed time and time again youth surrounding immigrants--even some with young children--and spitting on them calling them offensive names. Ironic that it's Americans who are stereotyped to be racists while Europeans are described as "uber tolerant" by our left leaning media. The reality seems to be the reverse.

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About

Financial markets are on the edge as investors await a solution to the European debt crisis. This blog examines the banks that hold billions of euros worth of Greek, Italian, and other sovereign debt; the governments that must pay off or refinance that debt; and the implications for the worldwide financial system if they can't.

Analyses or commentary in this blog are the views of the author and or commentators, and do not necessarily reflect the views of Bloomberg News.

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