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2016-03-03

Otmar Issing - a former chief economist at ECB: Five Presidents Report creating a fiscal union "without democratic legitimacy".

Speaking of the European Commission's Five Presidents Report  Mr Issing said it was a step towards creating a fiscal union "without democratic legitimacy". 

Professor Otmar Issing - a former chief economist at the European Central Bank and architect of the euro - said EU policymakers would not dare put their plans to transfer budgetary sovereignty to Brussels before electorates as they would fail at the first hurdle.

EU elites were afraid to "confront" voters, delaying their plans for integration until after 2017, the year France and Germany hold national elections. 





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