Monday, June 04, 2012 – by Staff Report, Daily Bell
Angela Merkel
Europe mulls major step towards "fiscal union" ... When Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets, the idea seemed fanciful, a distant dream that would take years or even decades to realize, if it ever came to be. ... One year later, with the euro zone's debt crisis threatening to tear the bloc apart, Germany is pushing its partners for precisely the kind of giant leap forward in fiscal integration that the now- departed European Central Bank president had in mind. After falling short with her "fiscal compact" on budget discipline, German Chancellor Angela Merkel is pressing for much more ambitious measures, including a central authority to manage euro area finances, and major new powers for the European Commission, European Parliament and European Court of Justice. She is also seeking a coordinated European approach to reforming labor markets, social security systems and tax policies, German officials say. – Reuters
Dominant Social Theme: This Union is not working. We need more of it.
Free-Market Analysis: Reuters does us the service of providing a view of the bigger picture when it comes to the European Union: The choice is between more of the same – and a LOT more of the same.
You would think that a political process that has bankrupted half of Europe, inflamed citizens to the point of rioting and burning down parts of Greece might be abandoned as a detriment to the larger society. But when it comes to power elite machinations there's little chance of that.
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