Ted Malloch: The US view of European integration

Ted Malloch: The US view of European integration

Exclusive: President Trump’s new administration has made it clear that the US is no longer interested in the EU’s integrationist ‘ever closer union’, writes Ted Malloch, the man tipped to be next US ambassador to the EU.

 

….US interests are further undermined by the EU’s many inherent internal contradictions – social, economic, and politically which undermine US beliefs and interests.

Chief among them are the Euro, a flawed common currency. The Euro offers little insulation from economic shocks and relies on fiscal transfers at the EU level to iron out economic imbalances. These are many. This equates to papering over cracks in the EU’s component economies.

It has also, as demonstrated by former World Bank, chief economist, Joseph Stieglitz, (see: The Euro and Its Threat to Europe) tilted the tables toward the benefit of Germany. Germany’s current account surplus is a huge eight per cent of GDP, which imposes a deflationary bias on the entire Eurozone.

The basic fallacy of the neo-functionalist philosophy underlying the EU is the assumption that political integration can be achieved through economic integration. This is a mistaken assumption further aggravated by the forced pace of such integration.

The cure to Europe’s calamity is genuine democracy – government by the people not by unelected bureaucrats parading as experts. Members of the European Commission are not elected and are unaccountable to any parliament. Such a globalist elite and its attendant super structure is detached from the people and therefore entirely anti-European…..

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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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