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2010-12-03

EFSF, PCRM, ESM och Näst Högsta Domstolen

För några  veckor sedan skrev jag här om The European Financial Stability Fund (EFSF) and The Permanent Crisis Resolution Mechanism (PCRM).

Nu har det tillkommit ytterligare en acronym i raden - ESM - The European Stability Mechanism.

Der Spiegel berättar:

- The euro group of finance ministers from the 16 euro-zone member states approved the outlines of a long-term European Stability Mechanism (ESM) to come into force in mid-2013.

- But this mechanism will not end the current crisis.

 En tidigare EU-kramare våndas:

- It pains me to say this. I’m probably the most pro-euro economist on my side of the Atlantic.

I’m also a believer in the larger European project.

But given this abject failure of European and German leadership, I am going to have to rethink my position.

Det skriver Barry Eichengreen och fortsätter:

- The Irish “program” solves exactly nothing – it simply kicks the can down the road.

A public debt that will now top out at around 130 per cent of GDP has not been reduced by a single cent.
Ireland will be transferring nearly 10 per cent of its national income as reparations to the bondholders, year after painful year. This is not politically sustainable, as anyone who remembers Germany’s own experience with World War I reparations should know.

A populist backlash is inevitable.

Read more here

Anthony Mirhaydari verkar hålla med om detta:

- Slowly, people are beginning to realize that the eurozone's debt problems are structural. And that means adding more debt to countries like Ireland, already struggling to repay creditors, is a recipe for disaster. A disaster that could pull the global economy into the double-dip recession that was so feared earlier this year.

And it could potentially undermine the euro.

- The blame doesn't rest solely with spendthrift politicians in Greece or spendthrift bankers in Ireland.
- The troubles go to the very heart of the union behind the euro - the European Economic and Monetary Union, skriver han.

Mirhaydari ? Vem är det? Jag kollade och fann detta:

Hans artikel (klicka här) fanns på MSN Money, och hans bakgrund verkar helt OK:

- He studied finance at the University of Washington's Foster School of Business, graduating magna cum laude.

- 2011 will see the first member of the European single currency starting to talk seriously about leaving the euro zone. That country will be Germany, enligt Guy Johnson, CNBC "European Closing Bell" Anchor

- The only problem that lies in the way of this rational outcome is that much of Europe is currently burdened by a political elite that can't admit that it was wrong.

- There seems to be no desire among these politicians to recognize that that single currency was a mistake for many nations and that it is time to find an exit strategy.

Read more here

Självaste The Economist skriver i det senaste numret att:

- Breaking up the euro is not unthinkable, just very costly.

-Because they refuse to face up to the possibility that it might happen, Europe’s leaders are failing to take the measures necessary to avert it.

Philip Stephens, EU-vänlig kommentator på The Financial Times skrev häromdagen att:

I become nervous when Angela Merkel says the future of the euro and that of the EU are inextricably linked.

What worries me is that, on the evidence so far, Berlin does not have the political will to rescue the single currency.

Förmodligen blir det den tyska författningsdomstolen som fäller EMU.

När Maastricht skulle ratificeras satte domstolen upp gränser för hur mycket suveränitet som kunde överföras till EU från det tyska folket.

Jag antar att Tyskland i sin författning har en skrivning som motsvarar den i den svenska grundlagen om att all offentlig makt utgår från folket.

Därmed avser den tyska författningsdomstolen det tyska folket, hur demokratiskt EU än kan komma att bli.

I Sverige är vi vana vid att lyda överheten, de svenska kungarna ansågs sig ha sin makt av Gud, liksom dagens ayatollor.

Men efter vad jag förstår är nu efter Lissabon all makt av EU-domstolen. Högsta Domstolen får vackert begära förhandsbesked från EU-domstolen i de fall de inte är säkra på att deras dom skulle överensstämma med EU-reglerna.

Det är ovärdigt en institution som kallar sig Högsta Domstolen.

Tänk om någon modig riksdagsledamot skulle våga motionera om ett namnbyte för HD till Nästa Högsta Domstolen (NHD).

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