Otmar Issing, fd chef för ECB, om fiskalunion och no-bailouts
Otmar Issing är sannolikt, vid sidan av USA:s Volcker, världens mest respekterade centralbanksperson.
It was also a moving event, with a rich human dimension heralded by the ten-minute-long standing ovation Otmar Issing received at the dinner, not exactly what you would expect from a gathering of grave central bankers and distinguished economists.
http://www.internetional.se/issingiea.htm#standing
- At present, the argument for German leadership boils down to a plea that it should put more and more money on the European table.
Yet the principle that there should be no bailouts is fundamental in a union of countries that share a currency but remain sovereign when it comes to public finances.
A democratic European monetary union could not have been built without respecting this principle.
It will be a long time before a fully fledged political union is established.
Fiscal transfers will remain a matter for national parliaments.
Jointly issued eurozone bonds would violate this principle and undermine democracy.
Otmar Issing, Financial Times 25 March 2014
http://www.nejtillemu.com/englundcloser0506.htm#ebonds
It was also a moving event, with a rich human dimension heralded by the ten-minute-long standing ovation Otmar Issing received at the dinner, not exactly what you would expect from a gathering of grave central bankers and distinguished economists.
http://www.internetional.se/issingiea.htm#standing
- At present, the argument for German leadership boils down to a plea that it should put more and more money on the European table.
Yet the principle that there should be no bailouts is fundamental in a union of countries that share a currency but remain sovereign when it comes to public finances.
A democratic European monetary union could not have been built without respecting this principle.
It will be a long time before a fully fledged political union is established.
Fiscal transfers will remain a matter for national parliaments.
Jointly issued eurozone bonds would violate this principle and undermine democracy.
Otmar Issing, Financial Times 25 March 2014
http://www.nejtillemu.com/englundcloser0506.htm#ebonds
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