Is EU fiscal integration the only way forward?

Thrugelmir

Interesting snippet I saw today.

Writing in Germany’s Suddeutsche Zeitung today, head of the Bundesbank Jens Weidmann and Francois Villeroy de Galhau chief of the Banque de France said that the European Central Bank, via monetary policy alone, could not create sustainable economic growth. ‘Stronger integration appears to be the obvious way to restore trust in the Eurozone, for this would favour the development of joint strategies for state finances and reforms so as to promise growth’. Calling for structural reforms, financing and investment the suggested the creation of a common Treasury able to make strong decisions.

mwpt

In the presence of a single currency, I'd say I agree, there needs to be closer integration for it to work. Single currency is essentially a multi country currency peg and these almost always inevitably break.

purch

Thrugelmir wrote: »

Is EU fiscal integration the only way forward?

If you want to have the EUR then yes.

It has been the case ever since the stupid idea was first mooted, and quite how they have managed to stumble along this far without Fiscal integration if anyone's guess.

The Emperors new Clothes :eek:

Crashy_Time

The way forward is to break it up.

michaels

I am surprised that such comments are not embargoed until after the UK referendum.....

When the Greece crisis was in full swing the question being asked was how could the inventors of the EUR have expected it to hold together without fiscal integration with the conclusion being that they were short-sighted in the extreme.

Of course the answer was thye were not at all short-sighted, they knew exactly what they would doing and realised the innevitable crisies would be an opportunity to remove soveriegnty through neccessity.

danothy

Can't really say that I can see the problem with Europe standardising its financial and legal matters as a whole ...

antrobus

Thrugelmir wrote: »

Interesting snippet I saw today.

It's all in the Five Presidents Report. Fiscal Union by 2025 (at the latest) followed thereafter by Political Union.

danothy wrote: »

Can't really say that I can see the problem with Europe standardising its financial and legal matters as a whole ...

Neither can I.

So long as we are not part of it.

danothy

antrobus wrote: »

Neither can I.

So long as we are not part of it.

Yeah, because being on the same page as everyone else is so undesirable.

antrobus

danothy wrote: »

Yeah, because being on the same page as everyone else is so undesirable.

Why can't we be on the same page as the Chinese or the Indians? There are more of them.

danothy

antrobus wrote: »

Why can't we be on the same page as the Chinese or the Indians? There are more of them.

We could be, although it would probably be easier to bring the EU member states in line with each other first. I guess the same ideology of division that stands against the EU coming together would stand against a global union too. Such a shame.

CLAPTON

danothy wrote: »

We could be, although it would probably be easier to bring the EU member states in line with each other first. I guess the same ideology of division that stands against the EU coming together would stand against a global union too. Such a shame.

you must long for the days of pax britannia : half the world in a global union