Reinventing the EU
Looming behind the euro crisis is a larger and more
fundamental challenge: the near-collapse of the EU’s political
system. The markets have now forced Silvio Berlusconi and
George Papandreou out of office, and their impatience with
the slow pace of decision-making has moved the crisis from
the periphery to the core economies of the eurozone. While
the traders rage, European leaders have been inching towards
agreement on the steps that are needed to save the euro. But
while they see the need for “more Europe”, they do not know
how to persuade their citizens, markets, parliaments or courts
to accept it. This is the root of Europe’s political crisis: the
necessity and impossibility of integration.
The economic necessity is easy to grasp. In order to deal with
the imbalances in the eurozone that led to insolvent banks,
excessive sovereign debt and real estate bubbles, there is a
growing consensus that the single currency area needs greater
integration. Many people are now calling for fiscal union to be
complemented by economic and even political union. There is
still disagreement among member states about the details, but
most economists point to five key elements: a quasi-finance
ministry to set and enforce fiscal rules; the ability to raise its
own resources; common banking supervision, regulation and
deposit insurance; common representation in international
institutions; and a mechanism for ensuring the democratic
legitimacy of these processes.
However, what is economically necessary …
http://www.ecfr.eu/page/-/ECFR43_REINVENTION_OF_EUROPE_ESSAY_AW1.pdf
©2012 ALL RIGHTS RESERVED THE AUTHOR(S) AND THE PUBLISHER
—————————————————————————————————————————–
Dear Readers
We invite you to visit our internet magazines and stream TV
About geopolitics and geofinance. Prosumerzen www.prosumerzen.net
About the trends between states and non state actors : WestphaliaXXI www.westphaliaxxi.com
About spiritual and material sustainable life style : Spiriterial www.spiriterial.com
About art and culture : Artagorapolis www.u4art.com
Our Open TV. Not only video but also more than 4.000 releases each day selected inside the top 100 newspapers in the world: www.info4tv.org
Il Romanzo www.glispeculari.com
