hat tip to Tom Hickey at MNE
Today, the presidents of five European Institutions presented a “Roadmap for the future of the Economic and Monetary Union“. According to Mario Draghi,
“The report describes how we can move from the current system of coordination by rules to joint decision-making within common institutions … We need a quantum leap in European integration. We need to address the fragilities of our economies; to ensure that divergence will become convergence again; and to safeguard the irreversibility of monetary union. Our report provides the roadmap for this.”
* The ideas are not new. Look at this post from over three years ago.
* The ideas will lead to the de facto abolishment of independent nation states in the Euro area. A quote from a three year old speech from José Manuel González-Páramo, member of the board of the European Central Bank (emphasis added):
In other words, the euro area is responding to the crisis by creating a new and more comprehensive model of economic governance. This is aimed at preventing imbalances in all policy areas before they can trigger crises – and managing crises more effectively when they do arise. In many ways, this response is sui generis and departs from the template we associate with political federations. For example, the “two pack” gives the Commission the power to demand the kind of reforms that the U.S. federal government could not demand of a U.S. state. Moreover, the federal government would not be able to sanction a state if, for example, its tax code was leading to a local housing bubble. This is now not excluded in the euro area under the Macroeconomic Imbalances Procedure.
* The already existing democratic gap widens. The report is pretty explicit about this. As I read it it the ‘steer’ of the Eurogroup has to be increased. And there is nothing in the report about decisions which have to be ratified or which can be taken by the European parliament (although the parliament does have the right to talk about the decisions!). I therefore understand the word ‘steer’ as a verb, not as a noun……
Vähemasti realistid on nad, liberaalidest eurofiilid hämavad sel teemal tavaliselt: Euroopat tuleb reformida, nii jätkata ei saa, natsionalism, pole vastus jne. Mingeid reformijaid neist endist muidugi pole ja nad isegi ei püüa, see on lihtsalt taustamuusika, et saaks EL-i vastased tagurlasteks tembeldada ja öelda, et ega mulle ju ka ei meeldi neoliberaalne konsensus Euroopas. Kui ei meeldiks, ju siis ka vastu hakkaks.