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2014-06-26

BBC Peston om Juncker, euron, bankunionen och demokratin

The point is that banking union (a common, adequately financed approach to supervising and rescuing banks) and fiscal union (controls on taxing and spending by member states), which are both seen as necessary long-term foundations of monetary union, erode national sovereignty.
Or to put it another way, the narrower interests of the nation state, the exercise of national sovereignty, have routinely watered down reforms to forge a banking and fiscal union, such that it is still not possible to be confident that the euro is forever.
If only the eurozone's central decision-making institutions had democratic legitimacy, then eurozone sovereignty might trump national sovereignty - and the euro could live happily ever after.
Robert Peston, BBC Economics editor, 24 June 2014


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