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European Council President Herman Van Rompuy’s rather striking view

Mr. Van Rompuy’s view rests on an argument more often heard from Anglo-Saxon euroskeptics than from senior eurocrats:

that European leaders were mistaken to launch the single currency without first bringing their diverse economies closer together.

Wall Street Journal 22 August 2011

“We could only have euro bonds the day when there is truly a real budgetary convergence, the day when everyone is running a balanced budget or pratically a balanced budget. That’s when we could have a euro bond. But not before,” he said.

Mr. Van Rompuy went on to argue that his opposition is not just a political judgment.

“We can’t make…the same mistake that some have made with the launching of the single currency. We launched a common currency but we forgot about having a common economic policy. Now we will launch euro bonds without having a much stricter and much more unified fiscal policy. We can’t make the same mistake,” he said.

For the man set to become the first euro-zone president, that’s a rather striking view.

Read more here

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