Europe’s Existential Dilemma: Fiscal Union or Breakup (and Financial Collapse)?

Europe’s Existential Dilemma: Fiscal Union or Breakup (and Financial Collapse)?

Despite what you might read in the news today, the European debt crisis is not the sole fault of Greece. It owes much more to the creation of the euro, a woefully constructed currency that now binds together 19 countries in a tightly woven monetary strait jacket. As a result, when one country teeters on the brink of financial collapse, the entire continent is at risk…..

…..Even as Greece totters, Spain dithers, Britain demands a referendum on EU membership, and financial pressures continue to build across the continent, the European project gathers pace. The economies must be knitted even closer together, insist Emmanuel Macron, France’s Minister of the Economy, and Sigmar Gabriel, the German Vice-Chancellor, — all in the name of improving “the economic potential of EMU” and allowing “us to establish clearly which policies should be centralized, harmonized or simply coordinated.” What a perfect three-word summation of Brussels’ raison d’être: to harmonize, coordinate and centralize – above all, of course, centralize!…..

….As European Commission President Jean Claude Juncker admitted in a rare fit of honesty:

“We (the Commission) decide on something, leave it lying around and wait and see what happens. If no one kicks up a fuss, because most people don’t understand what has been decided, we continue step by step until there is no turning back.”


About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
Rubriigid: English. Salvesta püsiviide oma järjehoidjasse.

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