Father of the euro fears EU superstate by the back door

The great European project, The United States of Europe, is right around the corner — be it ‘back door’ or through democratic process.

 

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Otmar Issing believes Germany would be better off staying in the euro Photo: AFP

 

Professor Otmar Issing has warned against handing over control of tax and spending before a democratic political union has been established

The euro’s founding father has warned that Europe’s latest plan for an EMU-wide finance ministry is a dangerous attempt to smuggle through political union, and breaches the basic tenets of modern democracy.

Professor Otmar Issing, the chief architect of monetary union through its early years, said it would be “dangerous” to transfer control over tax and spending to the EU federal level before full political union has been established first on democratic foundations.

Such a quantum leap in the constitutional structure of Europe – effectively the creation of an EU superstate, with a parliament comparable in power to the US Congress – is unthinkable in the current political atmosphere.

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