The Future
"To be Greek means to feel and react in a certain way, nothing else. Whether one is young, old, born here or there, with meaning ethnic or universal, is another question entirely", Odysseas ElytisIndependence Day Parade
On the last Sunday afternoon of March, when the weather felt more like August than March, scores of Greek Americans, most of them young children and teenagers, marched up Manhattan's Fifth Avenue in celebration of the 177th anniversary of Greek Independence from the Ottoman Empire.
This annual parade marked more than just a historical event. It was an opportunity for Greek Americans to celebrate their community in this region of the United States. And so the day's events showcased hundreds of Greek American organizations, ranging from parochial schools to banks.
Leading this year's parade were its annual organizers, the members of the Federation of Hellenic Societies, of Greater New York. They were followed by the grand marshals, New York State Governor George E. Pataki, and Gianna Angelopoulos-Daskalaki, the woman who headed Greece's successful effort to secure the 2004 Olympics for the city of Athens.Greece's elite presidential guard was by far the parade's greatest attraction. In traditional dress (foustanela), two dozen evzones, members of the presidential guard, came all the way from Athens to thrill the crowd.
Absent this year were the political slogans, which were replaced this year with banners touting Greek history and culture. An estimated 120,000 people lined the parade route.
Greece and European Integration
In the last five or so years, the Greek government has embarked on the most ambitious modernizing program to be undergone in 30 years. The catalyst and the cause: European integration.
After the achievement of a single market in 1992, European leaders decided to proceed with the third step of integration, that of monetary union. Beginning in 1999, countries meeting a set of macroeconomic criteria are eligible to irreversibly connect their currencies together into one regime, which by the year 2002 will result in the introduction of a single currency(the euro), intended to cover all transactions in the so called EUROLAND. Of the 15 members, 11 have met the unification conditions, with the UK, Sweden, and Denmark opting out temporarily, while Greece did not qualify. But what are the benefits to be expected and what are the costs that must be borne in order for Greece to be part of Euroland by the year 2002?
The benefits are fourfold.
First, businesses will no longer have to deal with numerous currencies when they import and export products in Europe. This means that they will not have to incur any transaction exposure, thus avoiding the risk of buying a currency at one rate, at a fee, with the possibility of selling it at a lower rate. With the common currency, profitability of investment is much easier to distinguish across countries.The second benefit is that businesses will become more efficient, as competition from abroad intensifies, and businesses will not be able to hide behind national protectionism. The third benefit is to the consumers, who stand to benefit from open competition and the elimination of national protectionism. Businesses will pass the savings from the reduction of costs onto consumers. Furthermore, the mobility of people and services will improve because skilled workers will be drawn to the highest bidder in Europe.
Along with the promise of benefits, the costs to bear for integration are equally dramatic. In the short run, there may be a "brain drain," as qualified Greek workers will leave for greener pastures elsewhere, unless the Greek economy improves and is able to absorb well-qualified employees.
In addition, traditional instruments for smoothing out the social costs of the business cycle will become ineffective. For example, until now governments have used lower interest rates to stimulate their economies. That will no longer be possible, at a local level, as interest-rate setting will become the prerogative of the European Central Bank and not the Bank of Greece.
European integration implies a high degree of government, business, and personal responsibility. This is an issue of critical importance and the costs of failure are great but the rewards are even greater. Whether Greece will make it or not is an issue that only time will tell.
Adapted from an article published in the Greek-American by: Nikos Zahariadis