What could go wrong?
Posted on 06/13/2012 11:32:55 PM PDT by Olog-hai
Because they have been unable to find agreement, European leaders have asked top Eurocrats—European Commission President José Manuel Barroso, European Council President Herman Van Rompuy, Eurogroup head Jean-Claude Juncker and European Central Bank head Mario Draghi—to come up with a plan. They hope to share some initial proposals at the European summit scheduled for the end of this month. A concrete plan is to be ready by autumn. …
The four are intent on making the currency union irreversible, and deepening it to become a political union. A completely different Europe would emerge from such a process.
The plan envisions nation states giving up significant elements of their sovereignty to European institutions. It would mean that the European Parliament would have to fight for relevancy with a new body that would be granted important oversight functions. The result would be a two-speed Europe, the core of which would be represented by the currency union.
At the heart of the deliberations is the creation of a real fiscal union, which would prohibit member states from taking on new debt on their own. Governments would only have complete control of funds that are covered by tax revenues.
Those needing more money than they generate themselves would have to register their needs with the euro group, made up of eurozone finance ministers. They would then analyze the financial needs and the amount of funding requested from the different countries before deciding which were justified and which were not. Euro bonds would then be issued to finance the debt.
The group of finance ministers would be led by a full-time chair—and not, as is presently the case, by one of the finance ministers. The chair would ultimately become a kind of European finance minister. …
(Excerpt) Read more at spiegel.de ...
What could go wrong?
I seriously doubt this will ever happen. Its the final death throes of an ill conceived union. Look for the Eurozone to break up and everybody go back on their own currencies.
For most of Europe, it’s socialism or facism with nothing in between. They’d rather commit suicide than adopt anglo style classical liberalism.
The leaders of the countries in question want it to happen. The fanaticism of pro-EU politicians is little understood, but it’s there; this forced union would never have gotten as far as it did if not for that fanaticism.
The elites aren’t on that barge.
You got that right.
Except the United states was formed by a group of entities with a common language, common culture, no history, and a common goal to rid themselves of a common tyranny. The founding fathers were creating a nation of common interests, not trying to merge existing nations of differing interests, languages, and cultures, some of which have been around and seperately evolving for over a thousand years (England and France). Oh, and just another tiny difference: the people of the differing nations of Europe don’t want it, not even the German people, only the politicians of just about every party aside from the UKIP.
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