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2020-05-29

Nice try Ursula, but the €750bn bailout is too little, too late

It does the minimum needed to avert a North-South political crisis and to head off a funding crisis for the "Club Med" bloc in 2021, but it does not in itself put monetary union on a viable footing.

It does not pool the legacy debts of all the states in a joint sinking fund. The financing is linked to the Commission’s seven-year budget and is not joint and several liability.  

It is therefore not the start of eurobonds, which would be a breach of the German Grundgesetz. 

France’s Emmanuel Macron is going along with the scheme because he hopes it will lead step by step to debt mutualisation by the Monnet Method of incremental facts on the ground.

Ambrose Evans-Pritchard Telegraph 28 May 2020 



By the Fifties, Monnet realised that their dream could not be realised overnight. 

It should, therefore, be assembled stealthily, bit by bit, without for a long time declaring its real goal.

And they should begin by pretending that it was just an economic arrangement, a “Common Market”

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