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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. 


- 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


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