THE European Union must immediately merge into a huge superstate or face fast approaching oblivion, a leading credit ratings agency has warned.
Standard and Poor’s (S&P) said only the rapid creation of a United States of Europe, run by a federal government in Brussels, can prevent the bloc from total collapse.
The only alternative, they say, is to roll back decades of political integration including the euro currency and return the project to its original status as a trading bloc.
In a report out this week the respected finance experts branded the EU “unsustainable” after downgrading its credit rating in light of the Brexit vote.
They said constant haggling between 28 bickering member states created “too many moving parts” at the heart of the project which were fuelling uncertainty for business.
The heart-stopping warning will fuel fears that Europe is hurtling at break-neck speed towards full federalism, despite warnings that rebellious populations will not tolerate more powers being handed to unelected Brussels.
And in its report, published yesterday, S&P was scathing about the current set-up of the whole European project, warning it cannot possible survive in its current form.
They said: “The EU, as it’s currently constructed and operates, doesn’t embody a coherent ‘pooling’ of the various dimensions of nation-state sovereignty, and therefore it’s unsustainable in its current form.
“There are too many moving parts in the electoral politics of 28 nation states, and too many conceivable random-like events that could push political and economic developments in one direction or another, with impossible-to-predict consequences and timelines.”
S&P has told the EU that it has to choose between either far greater integration – the effective formation of a United States of Europe – or a massive rolling back of the political aspects of the project.
Mr Sheard said: “The time has come for Europe to think big and to convene a constitutional convention…with a view to coming up with one or more recommendations for the future state of Europe and the outline of treaty changes necessary to bring it about.”
Europe is facing a number of potentially fatal crises, from the impending collapse of the Italian banks to growing discord between member states over mass migration.
Full article: SUPERSTATE OR OBLIVION: ‘Unsustainable’ EU told to merge or die by leading credit agency (Express)