Europe needs to “make a quantum step up in economic and political integration,”
the autumn “was not going to be dull”.
“This crisis in the euro zone will strengthen European integration;
Herman van Rompuy is ready to run for a second term as EU president, at the head of a “United States of Europe”
Our original goal was to create a political union with the European constitution, which was defeated in the referendums,”
the changes would “translate into a United States of Europe”.
It may need profound treaty changes,
Many EU officials and diplomats regard Mr Van Rompuy’s announcement as a bid to put himself at the front of the new campaign for a federal “United States of Europe” with himself as president
imposing collective fiscal discipline in a currency union of sovereign states, each answerable to its own electorate, could only have been achieved by subordinating the will of democratically elected politicians and their voters. Until now, even EU mandarins have been unwilling to go this far. That’s why the fiscal rules stipulated by the euro’s founding Stability and Growth Pact were destined from the start to be ignored: To do otherwise would have been blatantly anti-democratic.
I fully anticipate a rapid move towards fiscal union. It won’t come about through cozy formal chats, such as last month’s Merkel-Sarkozy meeting, but as a response to a severe market crisis.
If the euro splits, it will probably happen in a panic, when a decision is forced within a narrow time frame, just as happened with the pound’s departure from the Gold Standard in 1931, its exit from the ERM in 1992 and the collapse of Lehmans in 2008.
Incidentally, these all happened in September. And the 1929 stock market collapse happened in October – as did the crash of 1987. Fasten your seat belts: we could be in for an interesting few weeks.
Battle under way for soul of ‘United States of Europe”
Star economists and former national leaders now happily argue that resolving the eurozone debt crisis will eventually demand the surrendering of sovereignty to create a fully-fledged United States of Europe.
Comment by Adamantine”
Sounds almost prophetic.
PS Is Bjorn (farmer) on vacation? I have not heard comment on his site since August 9.
(Thanks nonymouse for the Link above.)