A Ship of Fools—Failing Harmonization and the Disregard of Principles of Finance

The development of the EU according to the strategy Europe 2020 has encountered significant difficulties. It was caused in great part by the underestimation and in some cases total ignorance towards the principles of financial science. The paper discusses the absence of financial-law based point of view regarding the future development scenarios until 2020. Then the five goals set out by the strategy are examined. The critical state of finance in the EU shows the fruitlessness of all the harmonization efforts lately. The authors of fake statistics and fake misleading prognoses have not been brought to justice. The causes of the crisis have been wrongly identified. We are losing our wealth, which generations had labored to accumulate. We are actively giving up our civil rights and the security of our citizens to create a more pleasant environment for Saudi Arabia. During this effort we have contributed to the destruction of millions of lives in the Middle East. We are the only ones in the world still lending our trust to rating agencies that deliberately derailed the global economy in the pursuit of extra profit.