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2020-05-06

If you want to save the euro permanently, the judges are saying, write new rules into the European treaties and explain them to your voters.

What the judges didn’t explicitly say, of course, is that this mission creep — this treaty change on the down-low — is not a bug but a feature of EU policy. The message from Karlsruhe is that this obfuscation must stop.

If you want to save the euro permanently, the judges are saying, write new rules into the European treaties and explain them to your voters. These German judges would be happy to apply them, because they actually love Europe.

But if you’re not ready to have a proper currency union, with joint debt and governance, then at least be honest enough to admit that. 

In that case, we must have an open and democratic debate about how, gradually and cautiously, to unravel the euro area as it is. This is the fundamental question for Europeans of this generation.

Andreas Kluth Bloomberg 6 maj 2020 

Andreas Kluth is a columnist for Bloomberg Opinion. 
He was previously editor in chief of Handelsblatt Global and a writer for the Economist. 


 German constitutional court ruled that the ECB had exceeded its legal mandate  and “manifestly” breached the principle of proportionality with mass bond purchases, now topping €2.2 trillion and set to rise dramatically. 

The bank had strayed from the monetary realm into broad economic policy-making. 


Ambrose Evans-Pritchard Telegraph 5 May 2020




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