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Reply #63: Jean Pisani-Ferry: Eurozone is on the way to fiscal union (HE WISHES) [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 01:22 PM
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63. Jean Pisani-Ferry: Eurozone is on the way to fiscal union (HE WISHES)


Europes leaders may still harbour secret hopes that the European Central Bank will come to their rescue, but at least they seem to have understood that the surest way to make that happen is to deliver on what they have responsibility for, starting with budgets. Fiscal union is now officially on the European agenda.

For some, this is all about strengthening sanctions for budgetary slippages through more automatic decision procedures and granting the power to veto national budgets to a European body. Angela Merkel, the German chancellor has spoken along these lines recently and Mark Rutte, the Dutch prime minister, is on a similar page. However, this plan alone is not likely to deliver much more than another layer of half-effective measures.

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http://link.ft.com/r/EB8122/ZGZTFS/3CWTA/7A7OBF/VLCH9F/...
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