The eurozone crisis is just getting started

The project to impose political union is bringing economic ruin, making the legitimacy of the EU project ever more vulnerable

On the face of it, they seem worlds apart. Switzerland’s referendum vote against the free movement of labour, the ruling by the German Constitutional Court on the European Central Bank’s (ECB) attempts to save the euro, and the warning to Scotland that it won’t be allowed to keep the pound if it votes for independence – these might seem unrelated, but in truth they are all part of an increasingly explosive stand-off between the forces of national sovereignty on the one hand, and political and economic integration on the other. Continue reading

‘Two-Pack’ enters into force, completing budgetary surveillance cycle and further improving economic governance for the euro area

A new chapter in world history is being made, yet very little attention is brought to it. Not one article. When the readership gets past the friendly, politically polite terminology found within, one can see that this further subjugates EU members and that the economic sovereignty of all EU members is now gone. The United States of Europe, or European Project as some would put it, is well underway.

Since this is not necessarily an article, but a press release, the entire document will be posted.

Reference: MEMO/13/457 Event Date: 27/05/2013

Since the launch of the euro, clear rules to ensure sound public finances have been in place in the form of the Stability and Growth Pact (SGP), which sets the well-known limits for budget deficits and public debt of 3% and 60% of GDP, respectively. However, the global economic and financial crises exposed shortcomings in economic governance and budgetary surveillance at the EU level. These shortcomings were effectively addressed with the creation in 2010-2011 of the European Semester of economic policy coordination and the six legislative proposals known as the ‘Six-Pack’, which strengthened the SGP in a number of ways.

However, given the higher potential for spillover effects of budgetary policies in a common currency area, there is a clear need for still stronger mechanisms specifically for the euro area. To address this need, in November 2011 the Commission proposed two further Regulations to strengthen euro area budgetary surveillance. Continue reading

Helmut Kohl: I acted like a dictator to bring in the euro

“I knew that I could never win a referendum in Germany,” he said. “We would have lost a referendum on the introduction of the euro. That’s quite clear. I would have lost and by seven to three.”

The interview was conducted by Jens Peter Paul, a German journalist in 2002, the year when the Deutsche Mark was replaced by euro notes and coins, but has only been published now. Continue reading