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2011-12-09

Far from saving the euro, historians may come to see this summit as the moment it finally fell apart.


Until recently, contemplating the break-up of the single currency was thinking the unthinkable. Now those openly discussing it – just about everybody – are merely adopting a mainstream, orthodox view.


Even Nicolas Sarkozy is warning that the risk of disintegration has never been greater.


But to avoid that, as Timothy Geithner, the US Treasury Secretary, pointed out, closer fiscal union within the eurozone is inevitable. That will be music to the ears of Angela Merkel.


But others in Europe, namely ordinary people, may be experiencing the dawning realisation of what that really means. Power ebbing rapidly away from their national parliaments, towards the euro centre.


Suddenly this process will start to feel like thinking the unthinkable for many. 


Damian Reece, Daily Telegraph, 8 Dec 2011

Otydligheterna beror på att något förslag till slutdokument fortfarande inte finns.
Fredrik Reinfeldt, Ekot 9 december 2011


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1 kommentar:

Ger sa...

It beggars belief, that they think they can solve the Eurozone's problem (i.e. inappropriate monetary policy in all of the Member States) by restricting the scope for using fiscal policy in future.

This fiscal union will prevent Member States from overspending in the public domain, but it will do nothing to prevent asset bubbles of the sort that have been problematic for Spain and ireland. We can expect to see lots more of these in the years ahead if this deal proceeds like this.