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2021-04-01

With the €750bn Recovery Fund, Europe’s leaders have unwittingly created a device to explode their own project

If the European project ever unravels it will probably because of a ruling by the venerable Verfassungsgericht.

Each time its interventions become a greater threat. You can stretch the EU treaties and Germany’s Basic Law only so far.

Legislative power over tax and spending is the lifeblood of democracies. It was an attempt to circumvent Parliament that led to the English Civil War, a point made by Otmar Issing, the ECB’s founding chief economist. He has since turned against monetary union, calling it a “house of cards”.

Prof Lucke's case invokes Article 311 of the Treaties.

Ambrose Evans-Pritchard Telegraph 1 April 2021

https://www.telegraph.co.uk/business/2021/04/01/legal-sword-damocles-hangs-europes-vast-bond-market/


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

https://englundmacro.blogspot.com/2016/03/otmar-issing-former-chief-economist-at.html


Rome, Habsburg and the European Union

https://www.internetional.se/paxromana.htm



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